By Mary-Katherine Stinson
Lexington, Ky., June 22 – New Momentum International ltd. as issuer and parent GoHo Asset Management Co., Ltd. as guarantor announced that the minimum acceptance amount has been satisfied in the exchange offer for their $88 million of outstanding 8½% guaranteed bonds due 2023 (ISIN: XS2358337868), according to a notice.
As of the expiration of the offer at 11 a.m. ET on June 21, $87.6 million of the existing bonds, or 99.55%, were tendered.
This exceeded the threshold of $79.2 million, or 90% of the outstanding principal amount, which was the minimum acceptance amount. The exchange offer was conditioned on the minimum acceptance amount being tendered and subject to some other conditions.
As previously reported, the companies were offering to exchange each $1,000 principal amount of existing 2023 bonds for $1,000 principal amount of new 8½% guaranteed bonds due 2024 and accrued interest.
Settlement will be on June 27. Tendered bonds will be canceled.
Accrued interest will total $3,660,949.98.
Following settlement, $400,000 total principal of the existing bonds will remain outstanding.
Listing of the new bonds is expected to take effect on June 28.
GoHo said the purpose of the exchange offer is to improve its liquidity position and extend the maturity of the existing bonds.
The joint dealer managers for the offer are CCB International Capital Ltd. and Haitong International Securities Co. Ltd.
D.F. King Ltd. (+44 20 7920 9700; +852 3953 7208; newmomentum@dfkingltd.com) is the information and exchange agent.
GoHo is an asset manager focused on local and distressed assets in China.
The terms of the new bonds are below.
| Issuer: | New Momentum International Ltd.
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| Guarantor: | Goho Asset Management Co., Ltd.
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| Amount: | $87.6 million
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| Issue: | Guaranteed bonds
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| Maturity: | June 25, 2024
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| Trustee: | China Construction Bank (Asia) Corp. Ltd.
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| Coupon: | 8½%
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| Change of control: | At 101
|
| Settlement date: | June 27
|
| Listing date: | June 28
|
| ISIN: | XS2635637940
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