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China’s Kaisa Group gets needed consents to amend four series of notes
By Marisa Wong
Madison, Wis., June 30 – Kaisa Group Holdings Ltd. said it received the necessary consents to amend its 12 7/8% senior notes due 2017, 10¼% senior notes due 2020, 8 7/8% senior notes due 2018 and 6 7/8% senior notes due 2016.
The company began a consent solicitation to amend the four series of notes on June 9. The consent solicitation period expired at 11 a.m. ET on June 20 for the 2017 and 2020 notes, 5 p.m. ET on June 20 for the 2018 notes and 5 a.m. ET on June 27 for the 2016 notes.
The proposed amendments would conform the terms of those four series of existing notes with the terms of Kaisa’s recently issued 9% senior notes due 2019.
On Monday the company said it intends to execute a supplemental indenture for each series of notes as soon as practicable.
In order to participate, holders had to be of record as of 11 a.m. ET on June 6 for the 2017 and 2020 notes, 5 p.m. ET on June 6 for the 2018 notes and 6 a.m. ET on June 6 for the 2016 notes.
The company offered holders a consent fee of $3.75 for each $1,000 principal amount of 2017, 2020 or 2018 notes and RMB 375 for each RMB 100,000 principal amount of 2016 notes.
The consent solicitation was conditioned on the company receiving consents from holders of a majority in principal amount of the outstanding notes of each series.
Citigroup Global Markets Ltd. (+44 20 7986 9000), Citigroup Global Markets Asia Ltd. (+852 2501 2552 or liabilitymanagement.asia@citi.com), Citigroup Global Markets Inc. (212 723-3600) and Credit Suisse Securities (Europe) Ltd. (+44 (0) 20 7888 5564) were the solicitation agents for the consent solicitation.
Citibank, NA, London Branch (+44 (0) 20 7508 3867) was the information and tabulation agent for the 2017, 2020 and 2018 notes, and Citicorp International Ltd. was the information and tabulation agent for the 2016 notes.
Kaisa Group is a Shenzhen, China-based property development company.
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