China's Fosun gets needed consents to amend 7½% senior notes due 2016

By Marisa Wong

Madison, Wis., May 13 - Fosun International Ltd. said it received the required consents to amend its 7½% senior notes due 2016.

The consent solicitation began on April 22 and expired at 5 p.m. ET on May 10.

As previously announced, the company needed consents from holders of a majority in principal amount of the notes to conform the terms of the 7½% notes to those of the 6 7/8% senior notes due 2020 issued by indirectly owned subsidiary Sparkle Assets Ltd.

Holders who delivered their consents by 5 p.m. ET on May 3, the early consent deadline, will receive an early consent fee of $5.00 per $1,000 principal amount of notes.

The company will pay a consent fee of $2.50 to holders who consented after the early deadline and before the expiration time.

Holders had to be of record as of 5 p.m. ET on April 19, as noted before.

Settlement will occur on May 15.

UBS Ltd. (+44 20 7567 0525 or +852 2971 7238 for UBS AG, Hong Kong Branch) is the solicitation agent, and D.F. King Worldwide (attn.: Elton Bagley, 212 493-6996 or attn.: Damian Watkin/Katerina Papamichael, +44 20 7920 9700) is the information and tabulation agent.

The Bank of New York Mellon is the trustee for the notes.

Fosun is a Shanghai-based conglomerate.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.