Guorui gives results of exchange, consent bid for 14¼% notes due 2024

By Rebecca Melvin

Concord, N.H., Feb. 22 – Guorui Properties Ltd. announced the results of an exchange offer and consent bid for its 14¼% senior notes due 2024 (ISIN: XS2280222410), according to a notice.

As of the 11 a.m. ET on Feb. 18, holders had tendered $315,159,000 of existing notes, representing 97.35% of the existing notes outstanding, for exchange and are deemed to have given consents to the proposed amendments.

Eligible holders holding $1,815,000 principal amount of the existing notes have submitted consent-only instructions, and the company has received valid tenders of the existing notes for more than the minimum acceptance amount, as well as the required consents needed for the proposed amendments.

The company expects to issue $334,790,000 of new notes on Wednesday. The notes will mature on or about Aug. 23, 2024. The listing date of the new notes on the Singapore exchange is expected to occur on or about Feb. 25.

Settlement is expected to occur on Feb. 23.

The company invited holders to exchange the existing notes for new Regulation S notes with an extended maturity and updated terms. The new notes will also carry a coupon of 14¼% but will mature on the 2.5-year anniversary of the settlement date of the offer.

For each $1,000 of existing notes, the company offered a consideration made up of the following:

• $20 in cash;

• $1,051.25 principal amount of new notes;

• Cash in lieu of any fractional amount of new notes not issued; and

• Accrued interest from Jan. 25 up to but excluding the settlement date, payable in the form of new notes as capitalized interest rather than cash.

As of the start of the offer on Feb. 11, $323,745,000 principal amount of the notes was outstanding, with $91,951,800 principal amount directly or indirectly owned by affiliates of the company.

The company said it will not receive any cash proceeds from the exchange offer, and the existing notes exchanged will be canceled.

Haitong International is the dealer manager for the exchange offer and consent solicitation.

D.F. King (+44 20 7920 9700, +852 3953 7208, guorui@dfkingltd.com, https://sites.dfkingltd.com/guorui) is the information, tabulation and exchange agent.

The homebuilder is incorporated in the Cayman Islands under the name Glory Land Co. Ltd. and does business in Hong Kong as Guorui Properties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.