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Hilong further extends exchange as 7¼% notes come due unrepaid
By Wendy Van Sickle
Columbus, Ohio, June 22 – China’s Hilong Holding Ltd. has extending the early deadline of its offer to exchange its $165,114,000 of 7¼% senior notes due June 22, 2020 (ISIN: XS1628314889) to be exchanged for new notes (B2//B) until 11 a.m. ET on June 29.
Previously the expiration deadline was 11 a.m. ET on June 19.
For the exchange to happen, tenders must be received from holders of at least 80% of the bonds.
As of June 22, 63.45% of the bonds had been tendered for exchange, the company reported.
Hilong said it did not have alternative financing means available to repay the existing notes at maturity on June 22.
This default will trigger cross defaults on other debt, including, but not limited to, its 8¼% senior notes due 2022, the company reported, adding that this will not automatically result in acceleration.
Admiralty Harbour Capital Ltd., CLSA Ltd., HSBC and SPDB International Capital Ltd. are mandated as dealer managers in relation to the exchange offer and were also joint bookrunners and joint lead managers in connection with a 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.
Hilong is an integrated oilfield equipment and service provider based in Hong Kong.
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