CIFI reports RMB 782.12 million 6.7% notes tendered under offer

By Rebecca Melvin

Concord, N.H., April 13 – CIFI Holdings (Group) Co. Ltd. announced results of its April 6 offer to buy any and all RMB 1,477,600,000 outstanding 6.7% senior notes due 2022 (ISIN: XS2031924108), according to a notice.

As of the offer’s expiration at 11 a.m. ET on April 12, RMB 782.12 million principal amount of notes, representing about 52.93% of the outstanding amount, had been validly tendered.

The company has decided to purchase all of the tendered notes, which will be canceled on the April 14 settlement date.

The amount to be paid to holders of accepted notes is RMB 806,957,131.14, which includes accrued interest.

Following settlement, RMB 695,480,000 of the notes will remain outstanding.

As previously reported, the original issue size was RMB 1.6 billion. Financing will come from internal cash resources, and the company is making the offer proactively to manage its balance sheet liabilities and optimize debt structure.

HSBC Ltd. is the dealer manager.

D.F. King & Co., Inc. is the information and tender agent for the offer (+44 20 7920 9700, +852 3953 7208, cifi@dfking.com, https://sites.dfkingltd.com/CIFI).

CIFI, based in Shanghai, is a real estate developer of residential, office and commercial complexes in China.

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