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Soho China solicits consents for senior notes due 2017, 2022
By Toni Weeks
San Luis Obispo, Calif., June 1 – Soho China Ltd. said it began a consent solicitation in respect of its 5¾% senior notes due 2017 and 7 1/8% senior notes due 2022, according to an announcement.
The company wants to change the indentures governing the notes to allow it greater flexibility in its business plans and financial management in connection with changes to its business model since the notes were issued in November 2012.
Specifically, Soho China wants to amend the covenant entitled “limitation on indebtedness and preferred stock,” the provision entitled “amendments with consent of holders” and the provision entitled “suspension of certain covenants.” The company also wants to amend and add certain defined terms.
The consent solicitations will expire at 11 a.m. ET on June 15. The record date is 11 a.m. ET on May 29.
The company will pay a consent fee of $5.00 per each $1,000 principal amount of 5¾% notes and $5.00 per each $1,000 principal amount of 7 1/8% notes for which a holder has validly delivered a consent.
For each note series, the solicitation is conditioned on consents representing at least a majority in principal amount of notes.
Syntax GIS Ltd. is the information and tabulation agent. Goldman Sachs (Asia) LLC (+852 2978 2519, +852 2978 0604, +852 2978 0666 or +65 6889 3082, attn: credit capital markets) and Morgan Stanley & Co. International plc (in Asia: +852 3963 0371, attn: debt capital markets, in United States: 800 624-1808 or 212 761-1057, attn: liability management group, or in Europe: +44 20 7677 5040, attn: liability management) are solicitation agents.
Soho China is a Beijing-based developer of branded commercial properties in central Beijing.
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