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Hong Kong’s Hengdeli accepts tenders for $127.37 million of 6¼% notes
By Marisa Wong
Morgantown, W.Va., June 23 – Hengdeli Holdings Ltd. said it received tenders for $127,372,000, or 36.39%, of its outstanding 6¼% senior notes due 2018 as of 10 a.m. ET on June 22, the expiration of its previously announced tender offer.
The company said it will accept all of the tendered notes for purchase at $1,012.50 for each $1,000 principal amount, for an aggregate purchase price of $128,964,150, along with accrued interest of $25.694444 per $1,000 principal amount.
As announced on June 8, the company had offered to repurchase up to $175 million of its $350 million of 6¼% notes.
Notes had to be tendered in minimum denominations of $200,000 and in multiples of $1,000 in excess of that. If the aggregate principal amount of notes tendered had been greater than the maximum acceptance amount, the company would have accepted tenders of notes for purchase on a pro rata basis.
The company also said it reserved the right to accept significantly more or less than the $175 million of the notes or to accept none of the notes for purchase under the offer.
Hengdeli said the offer is being made as part of its policy to actively manage its balance sheet liabilities and optimize its debt structure. The company plans to finance the offer with cash resources and bank loans.
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.
Following cancellation of the repurchased notes, $222,628,000 of the notes will remain outstanding.
Hong Kong-based Hengdeli is a watch retailer and wholesaler.
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