China’s Lifestyle to accept $81.55 million tendered 4¼% bonds due 2022

By Marisa Wong

Los Angeles, June 17 – Lifestyle International Holdings Ltd. subsidiary LS Finance (2017) Ltd. said it will accept for purchase the maximum amount of $81,547,000, or 28.42%, of its outstanding 4¼% guaranteed bonds due 2022 under its previously announced tender offer.

The company launched an offer on June 8 to purchase up to a maximum amount of its $300 million 4¼% bonds due 2022 (ISIN: XS0841191991), $286,949,000 of which was outstanding at the start of the offer.

The maximum acceptance amount was determined based on the amount of bonds sold under a concurrent new money issuance. The tender offer was conditioned on the issuance of new notes.

The company offered to pay 101.15 for the notes, plus interest to the settlement date.

The offer ended at 11 a.m. ET on June 16.

The tendered bonds will be accepted without proration.

Settlement is expected for June 18, after which $205,402,000 of the bonds will remain outstanding.

J.P. Morgan Securities plc (fax: +44 20 3493 0682), Standard Chartered Bank (+44 20 7885 5739, +852 3938 8658, +65 6557 8286, liability_management@sc.com) and UBS AG Hong Kong Branch (+852 2971 8888, ol-gb+-blueberry2021@ubs.com) are the joint dealer managers.

Morrow Sodali Ltd. (+44 20 8089 3287, +852 2319 4130, lifestyle@investor.morrowsodali.com, https://bonds.morrowsodali.com/lifestyle) is the tender and information agent.

Lifestyle International is a retail operator based in Hong Kong.

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