Jinjiang unit tenders for up to €100 million 1% bonds due 2024

By Wendy Van Sickle

Columbus, Ohio, Nov. 14 – Jinjiang International Holdings Co., Ltd. subsidiary Pterosaur Capital Co., Ltd. began a tender offer to purchase up to €100 million of its €500 million of 1% guaranteed bonds due 2024, according to a company notice.

The company is offering to purchase the bonds (ISIN: XS2050910418) at a price to be determined by a modified Dutch auction procedure with a minimum purchase price of €938.50 per €1,000 principal amount.

Eligible holders may submit one or more competitive offers for their bonds, provided that the total principal amount of the bonds that are the subject of these competitive offers does not exceed the total principal amount of the bonds that they hold.

Competitive offers must specify a purchase price for each €1,000 of the total principal amount of the bonds, in an amount divisible by €0.50, which is above the minimum purchase price, that the holder would be willing to accept as the purchase price and the principal amount of the bonds, in minimum denomination of €100,000 and in integral multiples of €1,000 in excess thereof, that the holder is tendering at that offer price.

If a competitive offer specifies an offer price that is not divisible by €0.50, the offer price will be rounded up to the nearest number divisible by €0.50.

For each competitive offer that is accepted, the company will pay the purchase price to the holder, even if that purchase price is higher than the offer price specified by the holder’s tender instruction.

Holders may also submit one or more non-competitive offers that specify the principal amount of bonds pursuant to that offer, in minimum denomination of €100,000 and in integral multiples of €1,000 in excess thereof.

Tender instructions that do not specify an offer price or specify an offer price below or equal to the minimum purchase price will be treated as non-competitive offers.

Non-competitive offers, will be deemed to have specified the minimum purchase price.

The company will accept all non-competitive offers if it accepts any competitive offers.

Bonds offered for purchase at a price above the purchase price will not be accepted.

The offer will expire at 11 a.m. ET on Nov. 22. The final determination of the purchase price is expected to occur on the following business day.

The company will also pay accrued interest to the settlement date, which is expected to be Nov. 24.

The reason for the offer is to retire a portion of the outstanding bonds as part of the company’s efforts to proactively manage its liabilities and optimize its debt structure.

Hongkong and Shanghai Banking Corp. Ltd. (+44 20 7992 6237, +852 3941 0223 or liability.management@hsbcib.com) is the dealer manager.

Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114 or jinjiang@is.kroll.com) is the tender and information agent.

The Shanghai-based company, one of the largest tourism enterprises in China, has earmarked proceeds for repayment or refinancing of existing offshore debt and for working capital.

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