E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 11/5/2015 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.

China’s Agile Property gets consents to amend 8 3/8% notes, 6½% notes

By Susanna Moon

Chicago, Nov. 5 – Agile Property Holdings Ltd. said it secured the needed consents to amend its 8 3/8% senior notes due 2019 and 6½% senior notes due 2017.

As a result, Agile executed the supplemental indentures to the notes on Thursday, which bring some of the note terms into conformity with those of its $500 million of 9% senior notes due 2020, according to a company announcement.

The amendments give the company more flexibility to pursue business opportunities, Agile said.

The consent solicitation ended at 11 a.m. ET on Nov. 4. It began Oct. 21.

As previously noted, the company held a similar consent solicitation in June. The changes proposed by the latest consent solicitation will make clarifications and conforming amendments to the provision in the indentures related to debt, among other provisions.

The consent fee is $3.75 for each $1,000 principal amount of 8 3/8% notes and RMB 37.50 for each RMB 10,000 principal amount of 6½% notes.

The consent solicitation was conditioned on the receipt of consents from the holders of at least a majority of the notes.

The solicitation agents are Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 4100, 212 525-5552, 888 HSBC-4LM, +44 207 992 6237 or liability.management@hsbcib.com) and Standard Chartered Bank (+852 3983 8643 or Asia-Liability.Management@sc.com). The information and tabulation agent is D.F. King (+44 20 7920 9700, 852 3953 7230 or agile@dfkingltd.com).

Agile Property is a Hong Kong-based property development company.


© 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.