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China South City seeks consents to amend five series of notes
By Marisa Wong
Los Angeles, June 15 – China South City Holdings Ltd. launched a consent solicitation relating to five series of notes, according to a company announcement.
China South City is seeking consents from holders of its 11½% senior notes due 2022 (ISIN: XS2085883119), holders of its 10 7/8% senior notes due 2022 (ISIN: XS2120092882), holders of its 7¼% senior notes due 2022 (ISIN: XS1720216388), holders of its 11.95% senior notes due 2023 (ISIN: XS2238030162) and holders of its 10¾% senior notes due 2023 (ISIN: XS2227909640).
The main purpose of the consent solicitation is to, among other things, amend the definition of “permitted holders” of the notes to include SZCDG, its affiliates and certain persons related to SZCDG; and to amend clause (2) of the definition of “change of control” under each of the indentures to increase the percentage of the permitted holders’ voting stock of the company to 29.9% from 20%.
The amendment is proposed to reflect the current shareholding structure of China South City. On May 16, SZCDG acquired 3.35 billion shares of China South City, representing about 29.28% of the issued share capital of the company, and thus has become a substantial shareholder and the single largest shareholder.
China South City is offering a consent fee of $0.50 per $1,000 principal amount of notes.
Payment of the consent fee is expected to be made on July 6 and is conditioned on the delivery of consents from holders of at least 75% of the outstanding principal amount of each series.
Credit Suisse (Hong Kong) Ltd. is the solicitation agent.
Morrow Sodali Ltd. (csc@investor.morrowsodali.com, https://projects.morrowsodali.com/csc, +852 2319 4130 or +44 20 4513 6933) is the tabulation and information agent.
Hong Kong-based China South City develops and operates integrated logistics and trade centers in China.
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