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China’s Hydoo International gets approval to amend 13¾%, 11% notes
By Susanna Moon
Chicago, Sept. 18 – Hydoo International Holding Ltd. secured the needed consents to amend its 13¾% senior notes due 2018.
The consent solicitation ended at 11 a.m. ET on Sept. 15.
At the same time, the company obtained approval from China Orient Alternative Investment Fund to make similar amendments to its 11% senior notes due 2019.
As announced Sept. 6, Hydoo sought to amend the notes to allow more flexibility to “pursue business opportunities” and to execute plans that include selling non-core assets or businesses and to make minority investments in internet businesses.
Hydoo executed a supplemental indenture and supplemental deed to the two series of notes, according to a company notice.
The consent payment will be $3.00 for each $1,000 principal amount for the 2018 notes.
The record date was 11 a.m. ET on Sept. 5.
D.F. King (+44 20 7920 9700, +852 3953 7230, hydoo@dfkingltd.com, https://sites.dfkingltd.com/hydoo) is the information and tabulation agent for the consent solicitation for the 2018 notes.
Morgan Stanley & Co. International plc (+852 2239 7358) is the solicitation agent.
Hydoo is a Shenzhen, China-based developer and operator of large-scale trade centers in China.
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