China's Nine Dragons Paper begins tender offer for 7.875% notes

New York, July 8 - Nine Dragons Paper (Holdings) Ltd. said it has begun a tender offer for its $118.573 million of 7.875% senior notes due 2013.

Holders who tender by the early tender deadline of 5 p.m. ET on July 22 will receive par plus accrued interest up to but excluding the settlement date.

Those who tender after that date will receive $970 per $1,000 principal amount, par less the early tender payment of $30 per $1,000 principal amount.

The tender ends at midnight ET on Aug. 6.

Funding will come from cash on hand.

Deutsche Bank AG, Singapore Branch is dealer manager. Bondholder Communications Group is information agent and tender agent.

The interest rate on the notes varies depending on the rating. Based on current assessments, the rate payable on the next coupon date of Oct. 29 will be 9.875%.

Nine Dragons produces packaging paperboard products. The company is incorporated in Bermuda and based in Guangdong, China.

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