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

By Marisa Wong

Madison, Wis., May 20 - Lai Fung Holdings Ltd. said it received the necessary consents from holders of its $200 million 9 1/8% senior notes due 2014 to amend the indenture governing the notes.

The consent solicitation began on May 7 and expired at noon ET on May 17.

As announced, the company sought to amend substantially all restrictive covenants in the indenture to gain greater flexibility to pursue business opportunities.

The solicitation was conditioned on holders of a majority in principal amount of notes delivering their consents.

The company will pay a consent fee of $2.50 for each $1,000 principal amount to consenting holders.

A supplemental indenture incorporating the proposed changes will take effect upon settlement of the consent payment.

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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