LVGEM (China) asks 8˝% noteholders to approve ‘flexibility’ provisions

By Wendy Van Sickle

Columbus, Ohio, Nov. 6 – LVGEM (China) Real Estate Investment Co. Ltd. is soliciting consents from holders of the 8˝% senior notes issued by its Gemstones International Ltd. subsidiary to amend the note indenture to “give the company additional flexibility to incur debt in pursuing new business opportunities and new sources of capital,” according to a notice.

The company is offering a consent fee of $2.50 per $1,000 principal amount of notes to holders who deliver their consents by 11 a.m. ET on Nov. 21.

Payment of the consent fee is conditioned on the company receiving consents from holders of a majority of the principal amount of notes and on a supplemental indenture giving effect to the amendments being executed.

D.F. King Ltd. (+852 3953-7231, +44 20 7920-9700 or lvgem@dfkingltd.com) is the information and tabulation agent.

Nomura International plc (+852 2536 7056 or +44 20 7103 6597 or liability.management@nomura.com) is the solicitation agent.

LVGEM is a property developer based in Hong Kong.

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