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China’s Datang Group starts exchange offer for 12˝% senior notes
Chicago, May 23 – Datang Group Holdings Ltd. started an exchange offer for at least $270 million of the company’s $300 million outstanding 12˝% senior notes (ISIN: XS2339781325) due June 2022, according to a notice.
The exchange offer is for $1,000 of new notes due May 31, 2023 for $1,000 of old notes with the same coupon and any accrued interest on the existing notes paid in cash.
The company may not be able to fully repay the existing notes if the liability management transaction is unsuccessful and would, as a result, consider an alternative debt restructuring exercise.
The expiration time is 11 a.m. ET on May 30.
Haitong International Securities Co. Ltd. is the dealer manager (project.datang.lm@htisec.com).
Morrow Sodali Ltd. is the information and exchange agent (+44 20 4513 6933, +852 2319 4130, datang@investor.morrowsodali.com, https://bonds.morrowsodali.com/datang).
The property development company is based in Xiamen, China.
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