LVGEM (China) takes in $227.39 million 8½% notes in exchange offer

By Wendy Van Sickle

Columbus, Ohio, March 2 – LVGEM (China) Real Estate Investment Co. Ltd. took in tenders to exchange $227.39 million, or 56.85%, of its outstanding 8½% senior notes due 2020, according to a notice.

The offer to exchange the notes for new notes with an 11½% minimum yield opened on Feb. 19 and expired at 11 a.m. ET on March 2.

The company is also planning a concurrent issuance of new senior notes.

Noteholders were offered $1,000 principal amount of new notes plus accrued interest and any fractional amount of notes issued in cash for $1,000 principal amount of their old notes.

The company said it will announce the amount of the new notes to be issued in exchange for the existing notes tendered for exchange pursuant to the exchange offer, the final pricing details of the new notes and the concurrent new money issuance, if any, with respect to the new notes offering “in due course.”

Settlement of the offer is expected for March 10.

Nomura International plc, BOSC International Co. Ltd., AMTD Global Markets Ltd., DBS Bank Ltd. .and Haitong International Securities Co. Ltd. have been mandated as the dealer managers for the exchange offer.

D.F. King (London: +44 20 7920-9700, Hong Kong: +852 3953 7208, https://sites.dfkingltd.com/lvgem) is working as the information and exchange agent.

LVGEM is a property developer based in Hong Kong.

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