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China's SRE accepts tenders for 64.27% of 8 5/8% notes, gets OK for new equity issue
By Jennifer Chiou
New York, July 17 - SRE Group Ltd. said it obtained approval from holders of its 8 5/8% guaranteed senior notes due 2013 to move ahead with its proposal to sell stock or equity-linked securities to fund the offer under which it received tenders for $128,539,000, or 64.27%, of the $200 million of notes.
The offer ended at 5 p.m. ET on July 14.
Holders of $158,299,000 of the notes cast votes at a Friday meeting, 99.94% of which were in favor of the company's proposal. The offering is expected to be around $160 million.
The company obtained consents from holders of $158,199,000, or 79.1%, of the notes.
SRE previously said in June that it had received consents from holders of $156,874,000 of the 8 5/8% notes as of 5 p.m. ET on June 18, the early consent deadline.
The tender offer and consent solicitation began on June 9.
Holders who tendered by the early consent date will receive $800 per $1,000 principal amount of notes, including a $62.00 early tender payment and a $13.00 consent payment. The purchase price is $725 per note.
SRE will also pay accrued interest up to but excluding the settlement date.
Consents could have been delivered without a tender by the early consent deadline, in which case the amount received will be the $13.00 per $1,000 consent payment.
However, holders who tendered were be deemed to have delivered consents.
To complete the offer, SRE needed to receive the necessary consents, to complete a financing and to satisfy or waive other conditions.
Deutsche Bank AG, Singapore Branch (44 207 545 8011, 852 2203 8340, 65 6423 8581 or email liability.management@db.com) is the dealer manager, and Bondholder Communications Group (email sray@bondcom.com) was the information, consent and tender agent.
The issuer is a property developer focusing on mid-to-high end residential development in Shanghai.
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