Modern Land (China) gains consents to amend five series of notes

By Mary-Katherine Stinson

Lexington, Ky., Dec. 18 – Modern Land (China) Co. Ltd. announced it gained the necessary consents to amend five series of notes, according to a notice.

As previously reported, Modern Land was soliciting consents to some proposed amendments to the following series:

• $81,997,237 outstanding 7%/9% senior notes due 2023 (ISIN: XS2500896860, XS2502821684);

• $186,951,320 outstanding 8%/10% senior notes due 2024 (ISIN: XS2500897678, XS2502824944);

• $311,818,374 outstanding 9%/11% senior notes due 2025 (ISIN: XS2500898486, XS2502825594);

• $417,850,596 outstanding 9%/11% senior notes due 2026 (ISIN: XS2500899294, XS2502826725); and

• $606,651,860 outstanding 9%/11% senior notes due 2027 (ISIN: XS2500899880, XS2502827889).

The main purpose of the proposed amendments was to (a) in respect of the 2023 notes, add a redemption option to allow the company to redeem all 2023 notes with a paid-in-kind payment of new 2023 notes at any time after the 2023 notes supplemental indenture has become operative; and (b) in respect of the 2024 notes, the 2025 notes, the 2026 notes and the 2027 notes, amend the interest payment provisions and some other provisions in each of the respective indentures.

The issuer was offering a consent fee per $1,000 principal amount of $2 for the 2023 notes and $0.02 for each of the other four series.

The consent fee was payable if holders of at least 75% of each series of notes delivered their consents. The consent fee is expected to be paid Dec. 22.

The solicitation expired at 11 a.m. ET on Dec. 18.

Details of the new 2023 notes were not provided in the notice.

As soon as practicable after the supplemental indenture has become operative, the company will issue a redemption notice in substantially the same form as the consent solicitation to redeem all outstanding 2023 notes with the paid-in-kind payment of the 2023 new notes. The redemption is expected to occur on or about Dec. 29.

Guotai Junan Securities (Hong Kong) Ltd. is the solicitation agent (+852 2509 5342; mailto:dcm.reunion@gtjas.com.hk).

D.F. King Ltd. is the information and tabulation agent (+852 3953 7208, +44 20 7920 9700; modernland@dfkingltd.com; https://www.dfkingltd.com/modernland/).

Modern Land is a Beijing-based property developer focused on the development of green, energy-saving and eco-friendly residences in China.

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