Redco Properties extends consent bid for 9.9%, 10˝% notes due 2023, 2024

By Rebecca Melvin

Concord, N.H., March 18 – China’s Redco Properties Group Ltd. announced that it has extended by one day a March 14 consent bid relating to its outstanding 9.9% senior notes due 2024 (ISIN: XS2231089546) and 10˝% senior notes due 2023 (ISIN: XS2360310473).

The expiry was changed to 11 a.m. ET on March 22 from 11 a.m. ET on March 21.

The extension was made at the request of certain holders of the notes to accommodate their internal approval procedures. Payment of the consent fee is still expected to occur on March 25.

The company is seeking approval from holders to make certain amendments to the notes including adjustments related to potential defaults.

Redco is conducting a concurrent exchange offer of old bonds, with an aim of extending the group’s debt maturity profile.

Redco is a residential and commercial property developer based in Shenzhen, China.

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