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China’s Boom Up launches consent solicitation for 3.8% notes due 2023
Chicago, Nov. 10 – China Minsheng Investment Corp. Ltd. unit Boom Up Investments Ltd. launched a consent solicitation for its 3.8% guaranteed notes due 2023 (ISIN: XS1459405673), according to an announcement.
The company has been in discussion with certain noteholders since September to agree on a revised payment plan for the notes.
The company is soliciting consents to modify certain terms and conditions and waive certain defaults under the notes.
The company would like to extend the maturity date one year to Aug. 2, 2024.
There would be mandatory partial redemptions before the maturity date, including $110 million of notes to be redeemed at par plus interest to the redemption date that will be set as five business days after the implementation date and another $80 million of notes to be redeemed at par plus interest on March 31, 2022.
Any cash proceeds from the disposal of any assets by the guarantor would be used for redeeming the notes at par.
The company would amend the terms of the notes to delete the provision relating to the payment of the conditional mandatory redemption amount on the conditional mandatory redemption date.
Boom Up has issued a notice of meeting for noteholders for Dec. 2 to approve the amendments and the extraordinary resolution.
If approved, the amendments and the trust deed would be implemented within five business days after the meeting.
Lynchpin Bondholder Management Ltd. is the tabulation agent (+852 2526 5406, buinfo@lynchpinbm.com).
Kirkland & Ellis is the company’s legal adviser (chinaminshent@kirkland.com).
The private investment company is based in China.
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