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Dr. Peng terminates consent solicitation for 7.55% notes
By Marisa Wong
Los Angeles, Dec. 15 – Dr. Peng Holding Hongkong Ltd. is terminating the consent solicitation for its $500 million 7.55% guaranteed notes due 2020 and extended to 2022 (ISIN: XS1611011922), according to a company announcement on Wednesday.
Dr. Peng said the consent solicitation will not proceed and no consent fee will be due to any noteholder.
However, the issuer said it will continue discussions with all stakeholders and may launch a new consent solicitation in due course.
The previously announced noteholders’ meeting will still be held at 9 p.m. ET on Dec. 19.
The extraordinary resolution will still be voted on at the meeting. However, the extraordinary resolution will not be passed, and an amended and restated trust deed will not be executed.
Dr. Peng launched the consent solicitation on Nov. 26. There was $244,751,825 of the notes outstanding at the start of the consent solicitation.
As previously reported, the ability of the group to make payments on or to redeem secured debt and the notes substantially depends on the outcome of its sale of the Pacific Light Cable Network.
The group had been in discussions with potential buyers but needed significantly more time for the sale.
Dr. Peng had suggested a maturity date extension and modifications to the terms and conditions of the notes.
Alvarez & Marsal Corporate Finance Ltd. had been retained as a financial adviser (+852 3102 2600, DrPeng@alvarezandmarsal.com).
Morrow Sodali Ltd. is the information and tabulation agent (+852 2319 4130, +44 20 4513 6933, DrPeng@investor.morrowsodali.com, https://bonds.morrowsodali.com/drpeng).
The Chinese media and entertainment company provides broadband and cloud computing services.
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