Zhenro revises consent bid for senior perpetual capital securities

By Rebecca Melvin

Concord, N.H., March 4 – China’s Zhenro Properties Group Ltd. has revised its consent bid for $200 million outstanding principal amount of senior perpetual capital securities (ISIN: XS2013512608).

Among the changes, Zhenro has extended the early consent deadline to 11 a.m. ET on March 11 from 11 a.m. ET on March 4. The expiration of the solicitation remains unchanged on March 11.

The consent bid seeks a waiver of an event of default resulting from failure to redeem the securities when due on March 6.

The company has agreed to pay a consent fee to holders that consent by the early deadline. Payment of the fee is subject to an extraordinary resolution for which a meeting is being held. The company has pushed the meeting to 10 p.m. ET on March 27 from 10 p.m. ET on March 13.

As previously reported, the company cited “adverse market conditions,” which have its funds increasingly limited, as the reason behind the necessity of the consent solicitation.

Admiralty Harbour Capital Ltd. (zhenro@dfkingltd.com) is the solicitation agent and D.F. King Ltd. (+852 3953 7208, zhenro@dfkingltd.com) is tabulation and information agent of the consent solicitation.

Zhenro is a Shanghai-based real estate developer.

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