| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item |
Chongqing Nan’an Urban settles oversubscribed 2024 notes tender offer
By Mary-Katherine Stinson
Lexington, Ky., Nov. 30 – Chongqing Nan’an Urban Construction & Development (Group) Co., Ltd. completed the settlement of its two-bond tender offer on Nov. 30, according to a company announcement.
As previously reported, bondholders tendered $401,735,000 of the company’s 4.66% bonds due 2024 (ISIN: XS1994697974) and $120,575,000 of the 4.2% bonds due July 7, 2024 (ISIN: XS2356402011) before the expiration of the offer.
The company subsequently upped the cap on each series but not enough to accept all of the tendered bonds under either series.
The issuer accepted an upsized $272.42 million of the 4.66% bonds and an upsized $28,205,000 of the 4.2% bonds for purchase.
Originally, the offer was capped at up to $255 million principal amount of the $500 million 4.66% bonds and up to $25 million of the $150 million of 4.2% bonds.
The bonds were accepted for purchase on a prorated basis. The proration factors applied to the 4.66% bonds and the 4.2% bonds were 68.655396% and 25.191463%, respectively.
The purchase price for each series was par plus accrued interest. Interest per $1,000 bond was $22.782222 for the 4.66% series and $16.683333 for the 4.2% series.
After settlement, $227.58 million of the 4.66% bonds and $121,795,000 of the 4.2% bonds will remain outstanding.
China International Capital Corp. Hong Kong Securities Ltd. was the dealer manager.
D.F. King Ltd. was 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.