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China’s Hilong extends exchange deadline for 7¼% notes due 2020
Chicago, May 26 – Hilong Holding Ltd. announced the extension of its early participation deadline for its exchange offer for its $165,114,000 of 7¼% senior notes due 2020 (ISIN: XS1628314889) for new notes (//B), according to a notice.
The early participation deadline has been extended to 11 a.m. ET on June 3 from 11 a.m. ET on May 27.
As previously reported, the new notes, which will be listed, will have a minimum yield of 9¾%. Completion of the offering of new notes is subject to market conditions. If consummated, the proceeds of the new notes will be used to refinance the company’s existing offshore debt, with the remainder for working capital and general corporate purposes.
Eligible holders who tender their 2020 notes in the exchange will receive $1,000 in principal amount of new notes for each $1,000 principal amount of the existing notes plus $5 in cash as an early exchange incentive and accrued interest.
The exchange offer expires at 11 a.m. ET on June 3, with settlement expected on June 11 and listing of the new notes on the Hong Kong Stock Exchange on June 12.
Admiralty Harbour Capital Ltd., CLSA Ltd., HSBC and SPDB International Capital Ltd. are mandated as dealer managers in relation to the exchange offer and also as joint bookrunners and joint lead managers in connection with the new money issuance.
The company has mandated D.F. King Ltd. in London (+44 20 7920 9700) and in Hong Kong (+852 3953 7208) as the information and exchange agent.
The company said existing notes that are exchanged will be canceled.
Hilong is an integrated oilfield equipment and service provider based in Hong Kong.
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