Wealth Driven/Xingtao Assets give results of joint purchase offer

By Mary-Katherine Stinson

Lexington, Ky., July 5 – Wealth Driven Ltd. and Xingtao Assets Ltd. announced the results of their jointly announced offers to purchase for cash from Wealth Driven’s $379,762,000 outstanding 5½% senior notes due 2023 (ISIN: XS1471856424) and from Xingtao’s €384.2 million outstanding 3.3% senior notes due 2022 (ISIN: XS1114393116), according to an announcement.

The offer expired at 11 a.m. ET on July 4.

As of the expiration deadline, $291,363,000, or 76.72%, of the 2023 notes were tendered and €4.2 million, or 1.09%, of the 2022 notes were tendered.

As previously reported the offer was initially capped but was changed to an any-and-all offer.

In each case, noteholders were being offered par plus interest.

For the Wealth Driven 2023 notes, the payment will be par plus $22 in interest for a total payment of $297,772,986.

For the Xingtao notes, the issuer will pay par plus €24.863014 for a total payment of €4,304,424.64.

The notes will be canceled after purchase and $88,399,000 of the Wealth Driven notes will remain outstanding and €380 million of the Xingtao notes will remain outstanding.

Wealth Driven’s 2023 notes included a put option, and the period for holders to deliver put notices will commence on July 6. Any holder of the 2023 notes who had delivered a put notice but wished to tender the relevant notes instead were required to withdraw their put notice before tendering any 2023 notes.

Settlement is expected for July 11.

Both series of notes are guaranteed by Fosun International Ltd.

Credit Suisse (Hong Kong) Ltd. and Deutsche Bank AG, Singapore Branch are the dealer managers.

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

The company is proactively managing its balance sheet and optimizing its capital structure with the offers. Financing for the offers are coming from cash on hand.

Fosun is a Shanghai-based conglomerate.

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