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Chengdu Communications gets consents needed from 4¾% bondholders
By Wendy Van Sickle
Columbus, Ohio, March 31 – China’s Chengdu Communications Investment Group Corp. Ltd. said the extraordinary resolution proposed under in its consent solicitation for its $300 million outstanding 4¾% bonds due 2027 (ISIN: XS1733835257) was approved at a virtual meeting held March 31, according to an announcement.
The resolution was passed by a majority of 99.8% of total votes cast, with a majority of 99.8% of total votes cast by eligible bondholders. Accordingly, the extraordinary resolution will be implemented, the company said.
The company will pay a $0.25 consent fee per $1,000 bond to consenting Regulation S holders who submitted instructions before 11 a.m. ET on March 24.
The company will also pay a $0.15 consent fee per $1,000 bond for Regulation S holders who submitted 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 were the same.
The company was 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.
The meeting required a quorum, which was met, and the extraordinary resolution needed to be passed for the payments to be made.
The expected payment date is April 8. The solicitation was announced on March 9.
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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