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China’s Jingrui will exchange 92.28% of notes due 2022 as of deadline
Chicago, March 7 – Jingrui Holdings Ltd. announced the results of its exchange offer for its $190 million 12¾% notes due on March 1, 2022 (ISIN: XS2126415293), according to an announcement.
As of the extended 11 a.m. ET March 4 deadline, noteholders tendered $175.33 million of the existing notes, or 92.28% of the total principal amount outstanding, in the exchange offer.
The company will issue $171,113,500 of new 12¾% notes due Sept. 9, 2023. The exchange offer will be completed on March 9.
Noteholders had the option to receive $1,000 of new notes for $1,000 of the old notes, and accrued interest.
Alternatively, they could elect to receive $950 of new notes and $50 in an upfront principal payment for $1,000 of old notes. Additionally, noteholders who opted for option B will receive a $10 incentive cash consideration and any accrued interest and cash in lieu of any fractional amount of notes.
There was a minimum acceptance amount of 90% of the outstanding notes, or $171 million.
Jingrui thanks participating noteholders and will continue to explore refinancing options and discuss with its creditors, including holders of the remaining existing notes after consummation of the exchange offer, to prudently manage its outstanding debts in light of their pending maturities.
Details
The consent solicitation and the exchange offer expired at 11 a.m. ET on March 1.
The deadline for the exchange offer was extended.
Haitong International Securities Co. Ltd. (project.jingrui.lm@htisec.com) was the solicitation agent and the dealer manager.
Morrow Sodali Ltd. (+44 20 4513 6933; 852 2319 4130, jingrui@investor.morrowsodali.com, https://bonds.morrowsodali.com/Jingruiexchange) was the information, exchange agent and tabulation agent.
Jingrui is a Shanghai-based property developer.
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