China’s Leading Holdings extends exchange offer by two days

By Wendy Van Sickle

Columbus, Ohio, June 21 – Leading Holdings Group Ltd. pushed out the expiration of its exchange offer for its $150 million 12% notes due June 27, 2022 (ISIN: XS2341204688), according to an announcement.

The offer will now expire at 11 a.m. ET on June 22, extended from the original deadline of 11 a.m. ET on June 20.

The offer was announced on June 13.

As reported, there are $122.73 million of the notes outstanding, not including $15.2 million of notes held by a controlling shareholder. The shareholder plans to cancel the principal amount of the existing notes held by that person/entity.

The company is offering to exchange each $1,000 note for a new $1,000 senior note with the same interest rate but a new 2023 maturity date. Accrued interest would also be paid.

There is a minimum acceptance amount condition. Noteholders must tender at least 90%, or $110,457,000 of the notes.

Leading Holdings is conducting the exchange offer to improve its financial condition and stability.

The company will use internal funds to pay the cash components of the various fees and considerations.

Instructions are irrevocable.

Settlement would now occur on June 24.

The new notes would be listed on June 28.

Guotai Junan Securities (Hong Kong) Ltd. is the dealer manager (+852 2509 0030).

D.F. King Ltd. is the information and exchange agent (+44 7920 9700, +852 3953 7208, leading@dfkingltd.com, https://sites.dfkingltd.com/leading).

The issuer is principally involved in residential and commercial property development in China.

© 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.