JD Property acquires all China Logistics 2024, 2025 convertible bonds

By Wendy Van Sickle

Columbus, Ohio, March 11 – China Logistics Property Holdings Co., Ltd. and JD Property Group Corp. announced the acceptance of HK$1,063,000,000 of 2024 convertible bonds and HK$775,050,000 of 2025 convertible bonds under the mandatory unconditional cash offers by Merrill Lynch (Asia Pacific) Ltd. on behalf of JD Property.

The offers were for JD Property to acquire all the outstanding 6.95% convertibles due 2024 and all the convertibles due 2025 issued by China Logistics that were not already owned or agreed to be acquired by JD Property, according to a joint news release on Friday.

The announcement was made on March 11, on which date JD Property also announced it was acquiring 1,488,713,805 shares or 42.85% of the issued share capital of the company, bringing its total ownership of company shares to2,774,725,804 shares, representing about 79.86% of the issued share capital of the company.

The offeror plans to exercise its right to compulsorily acquire the shares not already acquired under its offer and has decided to extend the offers until March 25 to give additional time for shareholders to consider the offers.

Incorporated in the Cayman Islands, China Logistics Property develops and leases storage facilities and provides related management services in China.

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