Jiangsu Nantong begins exchange offer for 7.8% notes due 2020

Chicago, Aug. 31 – Jiangsu Nantong Sanjian International Co. Ltd. and Nantong Sanjian Overseas Co., Ltd. began an exchange offer for its $300 million outstanding 7.8% guaranteed senior notes due 2020 (ISIN: XS1701582881), according to an announcement.

The exchange consideration is $800 in new notes and $200 in cash plus accrued interest up to, but not including, the settlement date.

There is an additional $10 early cash incentive for noteholders who tender their old notes by the early participation deadline, 11 a.m. ET on Sept. 7.

The exchange participation deadline is 11 a.m. ET on Sept. 14.

Settlement is expected around Sept. 22 with listing of the new notes is scheduled around Sept. 23.

The settlement of the exchange offer is conditional upon a concurrent new money issuance. It is also conditioned upon a minimum acceptance amount of $225 million principal amount of old notes being tendered.

Pricing is expected around Sept. 15. The minimum yield of the new notes will be 10% per year.

Dealer managers for the offer are Admiralty Harbour Capital Ltd. and Guotai Junan Securities (Hong Kong) Ltd.

D.F. King & Co., Inc. is the information and exchange agent (+44 20 7920 9700, +852 3953 7231, ntsj@dfkingltd.com).

Based in Hong Kong, the issuer is a private construction company in China which focuses on building and highway construction projects.

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