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China’s Road King buys $224.74 million of 5% notes in upsized tender
By Susanna Moon
Chicago, Jan. 18 – Road King Infrastructure Ltd. said holders had tendered $224,743,000 of the $450 million of 5% notes due Aug. 9, 2019 issued in 2016 by its RKI Overseas Finance 2016 (A) Ltd. subsidiary.
The company said on Jan. 8 that it was tendering for up to $150 million of the 5% notes until 11 a.m. ET on Jan. 17.
After meeting the financing condition, Road King decided to accept for purchase all of the tendered notes by increasing the maximum acceptance amount, according to a company update on Friday.
The company was offering par plus accrued interest for the notes.
Settlement is expected on Jan. 23.
The offer was conditioned on the issue of new notes with enough funds to finance the redemption.
As reported, Road King priced $400 million of 7¾% guaranteed senior notes due April 18, 2021 at par on Jan. 9 through its RKI Overseas subsidiary.
HSBC (852 2822-4100 or liability.management@hsbcib.com) and J.P. Morgan (852 2800-8220 and apac_syndicate@jpmorgan.com) are the dealer managers.
Road King is a toll road and property company based in Hong Kong.
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