China’s Socam announces tender offer for 6¼% notes due 2020

Chicago, May 16 – Socam Development Ltd. announced that the company has started a tender offer for its 6¼% senior notes due May 8, 2020 for up to a maximum acceptance amount of $80 million, according to a notice.

If the principal amount of notes validly tendered exceeds the maximum acceptance amount, tenders will be accepted on a pro rata basis.

The offer will expire at 11 a.m. ET on May 31.

Noteholders who validly tender their notes by the expiration deadline will receive $1,000 per $1,000 principal amount of notes tendered in cash plus accrued interest.

The offer will be financed with internal resources of the company and banking facilities available to the group.

The settlement date will occur on or about June 10.

As of the date of the announcement, the company has repurchased $21.7 million of $280 million of the notes from the open market. The repurchased notes were not canceled and currently remain outstanding.

D.F. King is the information and tender agent for the offer (+852 3953 7230 or +44 20 7920 9700, or by email at: socam@dfkingltd.com or via web at https://sites.dfkingltd.com/socam). UBS AG Hong Kong Branch is the dealer manager (+852 2971 8888).

The issuer is a Hong Kong-based firm that principally engages in property development and investment and asset management in China and construction in Hong Kong and Macau.

© 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.