By Marisa Wong
Los Angeles, June 23 – Leading Holdings Group Ltd. announced that holders had tendered $119.43 million, or 97.3%, of its outstanding 12% notes due June 27, 2022 (ISIN: XS2341204688) for exchange.
Leading Holdings will issue $119.43 million of new 12% senior notes due June 23, 2023 in exchange for the tendered 2022 notes, according to a notice Thursday.
The exchange offer had begun on June 13 and expired at 11 a.m. ET on June 22, extended from 11 a.m. ET on June 20.
The $122.73 million of existing notes outstanding at the start of the offer excluded $15.2 million of notes purchased but not yet canceled by a controlling shareholder of the company. The original principal amount was $150 million.
There was a minimum acceptance amount condition. Noteholders had to tender at least 90%, or $110,457,000, of the notes.
The company offered to exchange each $1,000 existing note for $1,000 of new notes. Accrued interest will also be paid.
Settlement will occur on June 24. The new notes will be listed on June 28.
The company will use internal funds to pay the cash components of the various fees and considerations.
Leading Holdings conducted the Regulation S exchange offer to improve its financial condition and stability, as previously announced.
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.
New notes
| Issuer: | Leading Holdings Group Ltd.
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| Amount: | $119.43 million
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| Description: | Senior notes
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| Maturity: | June 23, 2023
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| Coupon: | 12%
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| Call option: | In whole or in part at par
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| Settlement date: | June 24
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| Listing date: | June 28
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