Exelor offers nine-year dollar notes in exchange for $20 million GDRs

By Susanna Moon

Chicago, Jan. 12 – Exelor Ltd. is offering to exchange up to $20 million of its Global Depositary Receipts representing non-voting shares for dollar-denominated fixed-rate notes due Dec. 31, 2025.

Holders who tender their GDRs for exchange will receive an amount of notes equal to the product of $24.00, or the exchange price, and the number of the GDRs accepted for exchange, according to a company announcement.

The exchange offer will end at 11 a.m. ET on Feb. 2.

Exchange instructions must be submitted for at least 5,000 GDRs and then any whole number of GDRs after that.

Holders must confirm in their exchange instructions that they are located outside of the United States and are not U.S. persons under Regulation S.

The offer is contingent on holders tendering for exchange GDRs with an aggregate exchange price of at least $10 million, but if the minimum exchange is not met the issuer reserves the right to accept all exchange offers.

The exchange agent is Citibank NA, London Branch (+44 207 508 3867, fax +44 203 320 2405 or exchange.gats@citi.com).

Exelor Ltd., through its subsidiaries, is an investment company focused on real estate and is based in the British Virgin Islands

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