Helenbergh China noteholders tender $168 million of notes for exchange

By Wendy Van Sickle

Columbus, Ohio, Oct. 8 – Helenbergh China Holdings Ltd. issued $168 million of new green notes to settle a capped exchange offer relating to its $550 million outstanding 12 7/8% senior notes due 2021 (ISIN: XS2045761140), according to an announcement.

Up to $270 million of the existing notes could be exchanged.

Noteholders tendered 30.55% of the outstanding notes in the offer.

Following the exchange, $382 million of existing notes will remain outstanding, according to the announcement.

As reported on Sept. 20, the company offered to exchange $1,000 of existing notes for a like amount of new green senior notes due 2023. Accrued interest on the existing notes will be paid in cash.

The new notes have a two-year tenor.

The company also conducted a concurrent offering to sell additional green notes. The exchange notes will be issued with the $102 million of new green notes sold in a new money deal.

The exchange offer was not open to U.S. persons.

The offer expired at 11 a.m. ET on Sept. 30.

Haitong International Securities Co. Ltd. is the dealer manager for the exchange offer.

Morrow Sodali Ltd. is the information and exchange agent (+44 20 4513 6933, +852 2319 4130, Helenbergh@investor.morrowsodali.com).

The property developer is based in Guangzhou, China.

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