Chongqing Nan'an Urban’s tender offer for 2024 notes oversubscribed

Chicago, Nov. 27 – Chongqing Nan'an Urban Construction & Development (Group) Co., Ltd. provided results of its two-bond tender offer which ended at 11 a.m. ET on Friday in an announcement.

The company was offering to buy up to $255 million principal amount of its 4.66% bonds due 2024 (ISIN: XS1994697974) and up to $25 million of its $150 million of 4.2% bonds due July 7, 2024 (ISIN: XS2356402011).

As of the deadline, bondholders tendered $401,735,000 of the 4.66% bonds and $120,575,000 of the 4.2% bonds.

The cap on each series has been increased, but not enough to accept all of the tendered bonds under either series. The issuer will be accepting an upsized $272.42 million of the 4.66% bonds and an upsized $28,205,000 of the 4.2% bonds.

The purchase price for each series is par plus accrued interest. Interest per $1,000 bond is $22.782222 for the 4.66% series and $16.683333 for the 4.2% series.

Tenders will be prorated.

Settlement is expected for Nov. 30.

After settlement, there will be $227.58 million of the 4.66% bonds remaining and $121,795,000 of the 4.2% bonds outstanding.

China International Capital Corp. Hong Kong Securities Ltd. is the dealer manager.

D.F. King Ltd. is the information agent and tender agent.

The issuer is based in Chongqing, China, and engages in land development, infrastructure construction, property leasing and management, loan financing, supply-chain finance, and other businesses.

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