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China’s Zhongrong offers to exchange 2019 notes for new 2022 notes
By Marisa Wong
Morgantown, W.Va., April 26 – Zhongrong International Bond 2016 Ltd. is inviting holders of its 6.95% notes due June 21, 2019, guaranteed by Zhongrong International Holdings Ltd., to exchange their existing notes for new dollar-denominated fixed-rate guaranteed notes due 2022.
The issuer is offering to exchange the existing notes for new notes at a one-to-one ratio, up to $300 million of new notes.
As of April 26, $411,405,000 of the original $500 million principal amount of the existing notes remains outstanding.
The new notes will be issued by Zhongrong International Bond 2019 Ltd. and guaranteed by Zhongrong International Holdings. The keepwell provider will be Zhongrong International Trust Co., Ltd., the keepwell provider under the existing notes.
The new notes will be issued at par with a minimum rate of 7½%. The final rate will be set on or around May 10.
The exchange offer will expire at 11 a.m. ET on May 9.
The company will also pay accrued interest to but excluding the settlement date, which is expected to be May 17.
The issuer said the purpose of the exchange offer is to refinance the existing notes as part of its ongoing capital management process to improve its debt structure.
The company said it may also issue new dollar-denominated notes due 2022 in addition to those being issued under the exchange offer. The exchange notes and new money notes would be consolidated into a single series.
Haitong International Securities Co. Ltd. (+852 2848 4333, attn.: debt capital markets, PROJECT.FOREST.III@htisec.com) is the dealer manager for the exchange offer.
D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, zhongrong@dfkingltd.com, https://sites.dfkingltd.com/zhongrong) is the information and exchange agent.
Zhongrong International is a Hong Kong-based investment firm.
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