China’s Easy Tactic expects to launch solicitation, exchange offers

Chicago, Feb. 6 – Easy Tactic Ltd.’s, a subsidiary of Guangzhou R&F Properties Co., Ltd., debt may soon be the subject of a consent solicitation and exchange offer due to a potential sale and substantial disposal of the property of R&F International Real Estate Investment Co. Ltd., according to an announcement.

London One Ltd. has signed a definitive agreement to acquire R&F International for $800 million, mainly representing the acquisition of the freehold land and buildings more commonly known as Market Towers or One Nine Elms in London.

Shareholder approval is still needed for the acquisition along with the passing of extraordinary resolutions regarding existing notes.

Should the very substantial possible disposal materialize, Easy Tactic as issuer will need to solicit consents from existing noteholders.

There will be an extraordinary resolution for each series of existing notes.

Further, an exchange offer will be conducted whereby tendering noteholders would receive new perpetual instruments in multiple tranches issued by London One.

The new instruments would be backed by potential cash flows from the acquisition property.

Currently, the purchaser is preparing an exchange offer memorandum.

The existing notes issued by Easy Tactic, and subject to the possible liability management exercise, are the:

• 6½% cash/7½% PIK senior notes due 2025 (ISIN: XS2495355674);

• 6½% cash/7½% PIK senior notes due 2027 (ISIN: XS2495358009); and

• 6½% cash/7½% PIK senior notes due 2028 (ISIN: XS2495359403).

Easy Tactic is a special purpose vehicle of Guangzhou, China-based real estate developer R&F Properties.

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