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Kaisa Group gives results on offer to purchase two series due 2021
By Cady Vishniac
Detroit, Dec. 10 – Kaisa Group Holdings Ltd. has announced results on its offer to purchase for cash any and all of its outstanding $224.6 million of 6¾% senior notes due Feb. 18, 2021 (ISIN: XS2122175495) and its $379 million of 11¾% senior notes due Feb. 26, 2021 (ISIN: XS1937801212), according to an announcement.
As of the expiration deadline, $50,317,000, or 22.4%, of the outstanding principal amount of the 6¾% 2021 notes and $163,188,000, or 43.06%, of the outstanding principal amount of the 11¾% notes have been validly tendered and not withdrawn.
The company plans to accept all the validly tendered notes.
The 6¾% notes will have a purchase price of $1,006 per $1,000 face amount, and the 11¾% notes will be repurchased at $1,018 per $1,000 face amount. The company will pay an aggregate purchase price of $216,744,286 for all the notes. The company will also pay interest of $20.8125 per $1,000 face amount of the 6¾% notes and $34.270833 per $1,000 face amount of the 11¾% notes.
After settlement, all the repurchased notes will be canceled. A total of $174,296,000 the 6¾% notes and $215,812,000 of the 11¾% notes will remain outstanding.
As previously reported, the company began tender offers for the notes Dec. 1.
The offer expired at 11 a.m. ET on Dec. 9.
The settlement date is expected to be on or about Dec. 11.
Funding for the offer will come from the company’s internal resources and a new offering of senior notes.
Credit Suisse (Hong Kong) Ltd. and Deutsche Bank AG, Singapore Branch (+65 6423 8367) are the dealer managers for the offer.
Morrow Sodali Ltd. (+44 20 8089 3287, +852 2158 8405, kaisa@investor.morrowsodali.com, https://bonds.morrowsodali.com/kaisa) is the information and tender agent.
Kaisa Group is a Shenzhen, China-based property development company.
© 2015 Prospect News.
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