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Kaisa Group begins exchange, tender offer for 9 3/8% notes due 2024
Chicago, April 27 – Kaisa Group Holdings Ltd. started an exchange and tender offer for its $3,051,500,000 outstanding 9 3/8% senior notes due 2024 (ISIN: XS1627598094), according to a document.
Both parts of the offer will be capped at maximum acceptance amounts.
The maximum exchange acceptance amount will be announced on April 28.
Kaisa is offering to exchange the old notes for new notes with interest on the old notes paid in cash and with cash for any fractional amount of the new notes. The exchange offer is for $1,000 of old notes for $1,000 of new notes.
The tender offer is being conducted as an unmodified Dutch auction.
In the Dutch auction, noteholders may submit more than one instruction.
Noteholders participating in the tender offer should specify the offer price in integral multiples of 0.01%.
In the tender offer, interest will be paid to the tender settlement date.
The company is seeking to improve its debt structure and extend its debt maturity profile through the offers.
The maximum tender acceptance amount will be determined with the pricing of new notes on April 28.
The offer expires at 11 a.m. ET on May 6.
Results will be announced on May 7 and the exchange will settle on May 11. The tender offer will settle on May 13.
Credit Suisse (Hong Kong) Ltd. and Deutsche Bank AG, Singapore Branch are the dealer managers for the Regulation S offer.
Morrow Sodali Ltd. is the information, exchange and tender agent (+44 20 8089 3287, +852 2319 4130, kaisa@investor.morrowsodali.com, https://bonds.morrowsodali.com/kaisagroup).
Kaisa Group is a Shenzhen, China-based property development company.
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