Hilong cancels planned new money issuance, may not repay notes

Chicago, June 8 – China’s Hilong Holding Ltd. has canceled a planned new money issuance it was conducting simultaneously with an exchange offer for its 7¼% senior notes due June 22, 2020, according to a notice.

The company cited its assessment of market conditions as the reason.

Hilong estimates that it may not have sufficient funds to repay the existing notes upon maturity if the exchange offer is not consummated and has encouraged noteholders who have not yet tendered their existing notes in the exchange offer to do so before the further extended exchange expiration at 11 a.m. ET on June 15.

Hilong is an integrated oilfield equipment and service provider based in Hong Kong.

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