Shui On Land wraps consent bid for 4 3/8%, 5.7%, 6 7/8% notes

By Susanna Moon

Chicago, Sept. 24 – China’s Shui On Land Ltd. announced the results of the solicitation for three series of notes issued by Shui On Development (Holding) Ltd.

As announced Sept. 10, the issuer was asking for amendments to covenants for the limitation on restricted payments and the definition of permitted investment under the three series.

Holders had given consents as follows, according to a notice:

• $219,426,000, or 87.77%, of $250 million 4 3/8% senior notes due 2019;

• $426,713,000, or 85.34%, of $500 million 5.7% senior notes due 2021; and

• RMB 1,955,920,000, or 88.91%, of RMB 2.2 billion 6 7/8% senior notes due 2021.

The solicitation ended at 11 a.m. ET on Sept. 21.

The consent payment was $5.00 per $1,000 principal amount of the dollar issues and RMB 50.00 per RMB 10,000, contingent on the issuer securing the needed consents.

The solicitation agent is Standard Chartered (+852 3983 8622, +65 6596 8807 or Liability_management@sc.com). The tabulation and information agent is D.F. King Ltd. (+852 3953 7231, +44 20 7920 9700, sol@dfkingltd.com or https://sites.dfkingltd.com/sol).

Shui On Land is a Hong Kong-based property development company.

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