China's Lai Fung solicits consents to amend 9 1/8% notes due 2014

By Marisa Wong

Madison, Wis., May 7 - Lai Fung Holdings Ltd. said it is soliciting consents from holders of its $200 million 9 1/8% senior notes due 2014 to amend the indenture governing the notes.

The company is seeking, among other things, to amend substantially all restrictive covenants in the indenture to gain greater flexibility to pursue business opportunities.

The company is offering a consent fee of $2.50 for each $1,000 principal amount of notes to holders who consent to the proposed changes.

The consent solicitation began on Tuesday and expires at noon ET on May 17.

The solicitation is conditioned on holders representing a majority in principal amount delivering their consents.

HSBC Ltd. is the solicitation agent, and Deutsche Bank AG, Hong Kong Branch is the information and tabulation agent.

Lai Fung Holdings is part of Hong Kong-based conglomerate Lai Sun Group.

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