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China Aircraft accepts $50.72 million 5½% bonds, $400,000 4.85% notes
By Mary-Katherine Stinson
Lexington, Ky., Sept. 15 – China Aircraft Leasing Group Holdings Ltd. announced the results and maximum acceptance amount in its tender offer to purchase up to a maximum amount of its outstanding $199.6 million of 5½% guaranteed bonds due 2024 (ISIN: XS1574821143) and its outstanding $91.8 million of 4.85% guaranteed notes due 2024 (ISIN: XS2396615481), according to a notice.
The company announced that the maximum principal acceptance amount would be $50.72 million of the 5½% bonds and $400,000 of the 4.85% notes, which corresponds to the respective amounts tendered.
As previously reported, the company was offering a purchase price per $1,000 principal amount of $982 for the 5½% bonds and $935 for the 4.85% notes. The purchase prices are exclusive of accrued interest, which will also be paid up to the settlement date.
Since the tenders did not exceed the maximum amount, there will be no pro rata scaling.
The offers expired at 11 a.m. ET on Sept. 14. Settlement is expected to occur on Sept. 19.
Following settlement, $148.88 million of the 5½% bonds and $91.4 million of the 4.85% notes will remain outstanding.
The 5½% bonds were issued in an original $200 million principal amount and the 4.85% notes in an original $100 million principal amount.
The offers were made as part of a proactive approach to manage the offeror’s interest payments and its debt structure, and the offers will be funded through the offeror’s operating cash flows and/or the offeror’s existing cash on balance sheet. The notes purchased will be surrendered for cancellation.
Mizuho Securities Asia Ltd. (+852 2685 2023, +852 2685 2079 or LiabilityManagement_GC@hk.mizuho-sc.com) is the dealer manager.
Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114 or calc@is.kroll.com) is the information and tender agent.
The aircraft leasing company is based in Hong Kong.
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