China Grand extends tender offer for Baoxin Auto’s senior perpetuals

Chicago, July 22 – China Grand Automotive Services Group Co., Ltd. extended the deadline by four days for the tender offer to purchase for cash any and all of subsidiary Baoxin Auto Finance I Ltd.’s $400 million 5 5/8% senior perpetual securities (ISIN: XS1706083489), according to an announcement.

The offer will now expire at 11 a.m. ET on July 26. The deadline was pushed back from 11 a.m. ET on July 22.

Results will be announced no later than July 28, two days later than the initial date.

Settlement is expected for July 30.

Noteholders had to subscribe to a new notes offering to be able to tender their notes.

Initially, for each $2,000 principal amount allocated in the new issue, existing noteholders could tender $1,000 of old notes. This was modified on July 16. With the modification, the allocation ratio was changed to 60%.

The minimum denomination for tenders was $200,000, meaning that noteholders had to subscribe to at least $333,000 of new notes.

The company priced $231,686,000 of new 9 1/8% notes on July 21.

The dealer managers of the tender offer are China International Capital Corp. Hong Kong Securities Ltd. (+852 2827 2000; IB_Project_Upbring@cicc.com.cn), HSBC Ltd. (+852 3941 0223; liability.management@hsbcib.com), CCB International Capital Ltd. (PROJECT_UPBRING@ccbintl.com) and Haitong International Securities Co. Ltd. (project.upbring@htisec.com).

Morrow Sodali Ltd. (+44 20 8089 3287; +852 2319 4130) is the information and tender agent.

China Grand Automotive is a passenger car dealer based in Shanghai.

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