Chongqing Casin tenders for $65 million 4% credit enhanced bonds due April 2022

By Rebecca Melvin

Concord, N.H., March 30 – Chongqing Casin Group Co. Ltd. began a tender offer and consent solicitation on Wednesday for all $65 million outstanding of its 4% credit enhanced bonds due April 28, 2022 (ISIN: XS2016077286), according to a company announcement.

The bonds, which were issued June 28, 2019, are supported by a standby letter of credit issued by China Merchants Bank, Chongqing Branch.

The company will pay $1,000 per $1,000 principal amount of bonds plus accrued interest for tendered bonds. The solicitation seeks to make certain amendments to release the standby letter of credit.

A consent fee will also be paid equal to the amount of interest that would accrue on the bonds tendered from the settlement date to April 28.

The offer expires at 11 a.m. ET on April 7, and settlement is set for April 12.

Sigma Capital Management Ltd. (+852 2592 8762, gcm@sigmacm.com.hk) is the dealer manager of the tender offer and consent solicitation, and D.F. King Ltd. (+44 20 7920 9700; +852 3953 7231 or ChongQing@dfkingltd.com) is the information, tender and tabulation agent.

The offer is being conducted to improve the group’s overall financial conditions, strengthen the balance sheet and improve cash flow management, according to the announcement.

The investment holding company is based in Chongqing, China.

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