China’s Jingrui begins consent bid for five series of notes

By Rebecca Melvin

Concord, N.H., Feb. 22 – Jingrui Holdings Ltd. has commenced a solicitation of consents from holders of five series of notes to carve out any potential cross-default events arising from a default under its 12¾% notes due on March 1, 2022 (ISIN: XS2126415293), according to a regulatory notice.

The notes subject to the solicitation include the following:

• 12% senior notes due July 2022 (ISIN: XS2016006699);

• 12% senior notes due September 2022 (ISIN: XS2190379961);

• 14½% senior notes due February 2023 (ISIN: XS2242906597);

• 12½% series notes due October 2023 (ISIN: XS2336348326); and

• 12% senior notes due January 2024 (ISIN: XS2386506310).

The consent solicitation will expire at 11 a.m. ET on March 1.

Consents from a majority of holders of the notes will allow the company to carve out any cross-default events arising directly or indirectly from any defaults or events of default under the March 2022 notes.

The company will pay a consent fee of $2.50 per $1,000 principal amount of notes.

Concurrently with the consent solicitation, the company commenced an exchange offer on Feb. 22 for its outstanding March 2022 notes guaranteed by subsidiary guarantors. The purpose of the exchange offer is to refinance the March 2022 notes, extend the company’s debt maturity profile and improve its cash flows.

Haitong International Securities Co. Ltd. (jingrui@investor.morrowsodali.com) is the solicitation agent.

Morrow Sodali Ltd. (+44 20 4513 6933; 852 2319 4130) is the information and tabulation agent.

Jingrui is a Shanghai-based property developer.

© 2015 Prospect News.
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