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China’s Logan Group offers to purchase any and all outstanding 5¾% notes due 2022
By Rebecca Melvin
Concord, N.H., Nov. 3 – Logan Group Co. Ltd. announced it is offering to purchase for cash any and all outstanding 5¾% senior notes due 2022 (ISINs: XS1541978851/154197885), according to a notice on Wednesday.
The purchase price to holders of notes that are accepted will be equal to $1,000 for each $1,000 in principal amount of notes plus accrued interest.
The offer expires at 11 a.m. ET on Nov. 10.
The notes were issued by the company on Jan. 3, 2017 and Jan. 9, 2029. Currently, $244,075,000 of the notes remain outstanding.
The repurchases will be funded with internal resources and settlement is expected to occur on Nov. 12.
The company has appointed Deutsche Bank (+852 2203 8532; +44 20 7545 8011), Guotai Junan International (facsimile: +852 2509 0030) and Haitong International (facsimile: +852 2973 6741) as dealer managers of the offer to purchase and D.F. King Ltd. (+44 20 7920 9700; +852 3953 7208; logan@dfkingltd.com) is the information and tender agent.
As of Wednesday, the company has repurchased and not yet canceled $18.05 million of the notes. The repurchased notes will be canceled.
The property developer and construction company is based in Shenzhen, China.
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