Vietnam’s BIM Land launches tender offer for 7 3/8% notes due 2026

By Marisa Wong

Los Angeles, Aug. 17 – BIM Land JSC announced an offer to purchase for cash its 7 3/8% senior notes due 2026 (ISIN: XS2331967112), up to a total tender consideration of $25 million, according to a notice.

As of Aug. 17, $200 million principal amount is outstanding.

Purchase prices will be determined under an unmodified Dutch auction procedure. The minimum purchase price is 52.

The total tender consideration excludes accrued interest, which will also be paid for notes accepted for purchase.

The issuer may choose to decrease or, subject to Vietnamese regulatory approval, increase the offer cap.

Non-competitive tenders – tender instructions that do not specify a purchase price or that specify a purchase price less than or equal to the minimum price – will have priority over competitive tenders – tender instructions specifying a purchase price greater than the minimum price.

Tendered notes may be subject to proration.

The offer will expire at 11 a.m. ET on Aug. 25.

Results will be announced on Aug. 28.

Settlement is slated for Sept. 6.

The company said it is making the offer as part of its plan to optimize and proactively manage its debt profile and capital structure.

Notes purchased under the offer will be retired and canceled.

Standard Chartered Bank (Singapore) Ltd. (liability_management@sc.com; fax +65 6535 1931) is the dealer manager for the offer.

The tender agent is Bank of New York Mellon, London Branch (debtrestructuring@bnymellon.com).

BIM Land is a property developer based in Vietnam.

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