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Chengdu Communications clarifies consent fees for solicitation
Chicago, March 10 – China’s Chengdu Communications Investment Group Corp. Ltd. clarified the consent fees in its solicitation announced on Wednesday for its $300 million outstanding 4¾% bonds due 2027 (ISIN: XS1733835257), according to an announcement.
The company is paying a $0.25 consent fee per $1,000 bond for favorably consenting Regulation S holders (rather than $25 per bond) if they submit instructions before 11 a.m. ET on March 24.
The company is also paying a $0.15 consent fee per $1,000 bond for Regulation S holders (instead of $15 per bond) if they submit instructions after the early deadline but before 11 a.m. ET on March 24.
The same payments will be made for U.S. holders, but they are considered “ineligible bondholders” and as such will receive “ineligible bondholder payments.” The deadlines are the same.
As previously reported, the company is soliciting consents from bondholders to avoid a change-of-control put at 101 for the bonds.
Sichuan Province in China owns all of the share capital of the company but is transferring 10% of the share capital.
The 10% transfer constitutes a change of control.
A meeting will be held at 4 a.m. ET on March 31 to approve an extraordinary resolution.
The meeting needs a quorum, and, the extraordinary resolution needs to be passed for the payments to be made.
The expected payment date is April 8.
The solicitation agent is China International Capital Corp. (+852 2872 2100, +44 20 7367 5718, IB_Project_CDJT@cicc.com.cn).
The information and tabulation agent is D.F. King Ltd. (+852 3953 7208, +44 20 7920 9700, chengdu@dfkingltd.com).
The infrastructure construction services company is based in Chengdu, China.
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