Hong Kong’s Hua Han Health seeks to buy back 7% senior notes due 2019

By Marisa Wong

Morgantown, W.Va., Nov. 29 – Hua Han Health Industry Holdings Ltd. is offering to purchase for cash any and all of its outstanding 7% senior notes due 2019, according to a company announcement.

The offer began on Tuesday and will expire at 11 a.m. ET on Jan. 20.

The purchase price is $1,010 per $1,000 principal amount plus accrued interest to the payment date, which is expected to be Jan. 25.

The company is making the offer due to an opinion triggering event, which occurred when the company failed to obtain an unqualified opinion from a firm of independent accountants that the audited financial statements for the year ended June 30 (to be filed with the Hong Kong Stock Exchange by Oct. 31) give a true and fair view of the company’s financial position, financial performance and cash flows as of and for the year ended June 30.

All $150 million of the original principal amount remained outstanding as of the start of the offer.

The company said it intends to use available cash or borrowings under its existing credit facilities to finance the purchase of the notes.

Citibank, NA, London Branch is the tender agent.

The Hong Kong-based investment holding company is focused on the medical industry, medicines and biotechnology in China.

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