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Sunkwan Properties extends exchange offer for $185 million 12¾% notes
By Rebecca Melvin
Concord, N.H., Dec. 22 – China’s Sunkwan Properties Group Ltd. has extended its offer to exchange any and all of its $185 million 12¾% senior notes due 2022 (ISIN: XS2157244174), according to a company announcement.
The Regulation S offer is being extended to 11 a.m. ET on Dec. 28 from 11 a.m. ET on Dec. 21.
The original notes are being exchanged for new notes with a tenor of 364 days plus accrued interest and a minimum yield of 13½%
Concurrently with the exchange offer and issuance of notes that will be exchanged, the company is conducting a separate offering of new notes that will be consolidated to form a single series with the notes issued for the exchange. The actual interest rate of the new notes will be set at the pricing of the concurrent new money issuance.
Settlement of the exchange offer is expected to occur on Dec. 31. The listing of the new notes on the Hong Kong exchange is expected to occur on Jan. 3.
As previously reported, the purpose of the exchange is to optimize its debt structure by extending its debt maturity profile, develop more steadily, strengthen its balance sheet and improve cash flow management. The company will not receive cash proceeds from the exchange. The purpose of the concurrent new money issuance, if consummated, is to refinance existing offshore debt.
The company mandated Haitong International Securities Co. Ltd. as dealer manager of the exchange offer and as manager of the additional issuance. It has also mandated D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231 or sunkwan@dfkingltd.com) as information and exchange agent for the exchange offer.
The company will seek a listing of the new notes on the Hong Kong Stock Exchange.
The property developer focuses on the Yangtze River Delta Economic Region in China.
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