Ganglong China 2022 notes exchange offer minimum threshold met

By Marisa Wong

Los Angeles, Nov. 1 – Ganglong China Property Group Ltd. issued an interim update relating to its Oct. 26 offer to exchange its $158 million outstanding 13˝% senior notes due 2022 (ISIN: XS2400313883) held by non-U.S. persons outside the United States for new notes.

As of 8 a.m. ET on Nov. 1, the company had received instructions tendering $145 million, or 91.8%, of the existing notes, according to a notice on Tuesday.

The amount tendered exceeds the minimum acceptance amount of $142.2 million, or 90% of the outstanding principal amount of the existing notes.

For each $1,000 principal amount of existing notes tendered, the company is offering an exchange consideration of $1,000 principal amount of new notes and accrued interest.

The new notes will have a tenor of 364 days and bear interest at 13˝%.

The offer expires at noon ET on Nov. 2.

Settlement will occur on Nov. 7.

The notes will be listed on the Singapore Exchange on Nov. 8.

The company has mandated Guotai Junan International and CMB International as the dealer advisors in relation to the Regulation S exchange offer.

Morrow Sodali Ltd. (+44 20 4513 6933 or +852 2319 4130; glchina@investor.morrowsodali.com; https://projects.morrowsodali.com/glchina) is the information and exchange agent.

The company said it will not receive any cash proceeds from the exchange offer.

The purpose of the offer is to refinance the existing notes and extend the company’s debt maturity profile.

Ganglong is a real estate development company based in Hong Kong.

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