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Vietnam’s BIM Land accepts $99.05 million of 7 3/8% notes due 2026
By Mary-Katherine Stinson
Lexington, Ky., Aug. 28 – BIM Land JSC will accept additional notes in its cash offer for its 7 3/8% senior notes due 2026 (ISIN: XS2331967112), according to a notice.
At launch, the company said it would accept up to a total tender consideration of $25 million.
The company has now upped the final acceptance amount to $99,052,000 with the weighted average purchase price of 62.996.
As of Aug. 17, $200 million principal amount is outstanding.
As previously reported, purchase prices were to be determined under an unmodified Dutch auction procedure. The minimum purchase price was 52.
The total tender consideration excludes accrued interest, which will also be paid for notes accepted for purchase.
Non-competitive tenders – tender instructions that did not specify a purchase price or that specified a purchase price less than or equal to the minimum price – would have priority over competitive tenders – tender instructions specifying a purchase price greater than the minimum price.
Tendered notes are not subject to scaling.
The offer expired at 11 a.m. ET on Aug. 25.
Settlement is slated for Sept. 6.
The company said it was making the offer as part of its plan to optimize and proactively manage its debt profile and capital structure.
Notes purchased under the offer will be retired and canceled.
Standard Chartered Bank (Singapore) Ltd. (liability_management@sc.com; fax +65 6535 1931) is the dealer manager for the offer.
The tender agent is Bank of New York Mellon, London Branch (debtrestructuring@bnymellon.com).
BIM Land is a property developer based in Vietnam.
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