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Hydoo exchanges $98.4 million 13¾% notes for new 12% notes; new-money notes bring issue to $130 million
By Wendy Van Sickle
Columbus, Ohio, May 2 – Hydoo International Holding Ltd. said holders tendered $98.4 million, or 61.5%, of its $160 million of 13¾% senior notes due 2018 by the deadline of its offer to exchange the notes for new 12% notes due 2020.
An additional new-money issuance of the notes brings the total amount of new 2020 notes to be issued to $130 million, according to an announcement.
Of that total, $104,107,000 of new notes will be issued to settle the exchange and $25,893,000 will be from a concurrent new-money issue.
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, expected to be May 9.
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 chose to retain some of the existing notes had to have a minimum holding of $200,000 of the existing notes.
The new notes have a make-whole call at any time.
The exchange was announced on April 23 and ended at 11 a.m. ET on April 30.
The company said proceeds of the new notes will be used to repay debt, to finance acquisitions or development of assets, real or personal property or equipment and for general corporate purposes.
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.
The new-money notes are being 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.
Hydoo is a Shenzhen, China-based developer and operator of large-scale trade centers in China.
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