Shimao’s Crystal Idea gets consents for waiver, to amend convertibles

By Marisa Wong

Los Angeles, Aug. 1 – Shimao Services Holdings Ltd. announced the results of the consent solicitation in relation to the HK$3.11 billion 2.25% convertible bonds due 2022 (ISIN: XS2401670349) issued by wholly owned subsidiary Crystal Idea Group Ltd. The bonds are guaranteed by Shimao.

The issuer received the necessary consents at the meeting held at 10 p.m. ET on July 31 to approve and implement the extraordinary resolution and to give effect to the proposed waiver and proposed amendments, according to a notice on Monday.

As announced on July 6, the issuer sought consents to waivers of its redemption obligations triggered by a relevant event under the bonds and to amend its optional redemption right under the bonds.

The supplemental trust deed giving effect to the proposed amendments and the written waiver giving effect to the proposed waiver are expected to be executed on Aug. 3, according to Monday’s announcement.

The issuer said it will, upon the execution of the supplemental trust deed and the written waiver, deliver an optional redemption notice to the bondholders specifying that it will redeem HK$1,399,500,000, or 45%, of the outstanding bonds at par plus accrued interest.

The bonds selected for redemption will be on a pro rata basis, as previously noted.

The issuer offered a cash consent fee of HK$2,500 per HK$1 million principal amount. Payment of the fee will be made on Aug. 4.

Kroll Issuer Services Ltd. (shimaoservices@is.kroll.com; https://deals.is.kroll.com/shimaoservices; attn.: Mu-yen Lo / Harry Ringrose) is the tabulation and information agent.

Shimao Services is a Shanghai-based property manager and a member of the Shimao Group.

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