| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for Hydoo International Holding Ltd. > News item |
Hydoo sets 12% minimum yield for new notes in exchange, cash offers
New York, April 24 – Hydoo International Holding Ltd. set a minimum yield of 12% for the new notes it is offering in exchange for its $160 million of 13¾% senior notes due 2018 and for cash, according to an announcement.
As announced on April 23, for each $1,000 principal amount of existing notes, Hydoo will issue $1,040 of new notes and pay accrued interest up to but excluding the settlement date.
The company is also selling new notes for cash.
In the exchange, the new notes will only be issued in a minimum principal amount of $200,000 and multiples of $1,000 above that. Cash will be issued in lieu of fractional amounts of new notes. Holders who choose to retain some of the existing notes must have a minimum holding of $200,000 of the existing notes.
The minimum yield of the new notes will be announced on April 25.
The exchange ends at 11 a.m. ET on April 30.
Settlement is planned for May 9.
Haitong International and Morgan Stanley are dealer managers for the exchange, which is being carried out under Regulation S.
D.F. King (+44 20 7920 9700, +852 3953 7230, hydoo@dfkingltd.com or https://sites.dfkingltd.com/hydoo) is the information and exchange agent.
Alongside the exchange, the company is also offering new notes with the same terms for cash.
These notes will be sold under Regulation S by Haitong International and Morgan Stanley as joint global coordinators and as joint bookrunners and joint lead arrangers with Potomac Capital.
Proceeds will be used to refinance the company’s existing 13¾% senior notes due 2018, to finance acquisitions and the development of assets and for general corporate purposes.
Hydoo is a Shenzhen, China-based developer and operator of large-scale trade centers in China.
© 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.