Hengdeli tenders for up to $175 million of 6¼% senior notes due 2018

By Wendy Van Sickle

Columbus, Ohio, June 7 – Hengdeli Holdings Ltd. is offering to repurchase up to $175 million of its $350 million of 6¼% senior notes due 2018, according to a notice.

The company is offering $1,012.50 for each $1,000 principal amount of the notes. The company will also pay accrued interest on the notes to the settlement date, which is expected to be June 27.

The offer expires at 10 a.m. ET on June 22.

Notes must be tendered in minimum denominations of $200,000 and in multiples of $1,000 in excess thereof.

Hengdeli said the offer is being made as part of the company’s policy to actively manage its balance sheet liabilities and optimize its debt structure. The company said it plans to finance the offer with cash resources and bank loans.

If the aggregate principal amount of notes validly tendered is greater than the maximum acceptance amount, the company said it will accept tenders of notes for purchase on a pro rata basis.

The company said it reserves the right to accept significantly more or less than the $175 million of the notes or to accept none of the notes for purchase pursuant to the offer.

Hongkong and Shanghai Banking Corp. Ltd. (Hong Kong: +852 2822 4100, London: +44 207 992 6237 or liability.management@hsbcib.com) and Standard Chartered Bank (Singapore: +65 6596 8807, Hong Kong: +852 3983 8647 or liability_management@sc.com) are the dealer managers.

Sodali Ltd. (+44 0 203 02 69118, +39 06 45212 825 or hengdeli@sodali.com) is the information and tender agent.

Hong Kong-based Hengdeli is a watch retailer and wholesaler.

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