Chongqing Casin cancels tender offer, consent bid for bonds due 2022

By Rebecca Melvin

Concord, N.H., April 8 – Chongqing Casin Group Co. Ltd. terminated on Friday its tender offer and consent solicitation for all $65 million outstanding 4% credit-enhanced bonds due April 28, 2022 (ISIN: XS2016077286), according to a company announcement.

The company said the March 30 tender offer and consent solicitation was terminated “after further consideration of its overall financing arrangement.” Instead, the company intends to redeem the bonds on their April 28 scheduled maturity date.

No bonds were purchased under the tender offer and instructions already received will be rejected, so that all bonds will remain outstanding with their existing rights.

Under the offer, the company was offering to pay $1,000 per $1,000 principal amount of bonds plus accrued interest. The solicitation had been seeking to make certain amendments to release a standby letter of credit issued by China Merchants Bank, Chongqing Branch.

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

The investment holding company is based in Chongqing, China.

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