By Devika Patel
Knoxville, Tenn., June 26 – Health and Happiness (H&H) International Holdings Ltd. issued $200 million of three-year 13˝% senior notes (Ba3/BB+), according to an announcement.
The notes were issued in two parts, with $58,207,000 of senior notes sold to new investors and $141,793,00 of new notes issued as part of a tender and exchange agreement for the company’s $269,656,000 outstanding 5 5/8% senior notes due 2024 (ISIN: XS2067255328).
Proceeds will be used to repay the 2024 notes, including through the tender offer, and to partially repay debt under the company’s senior facilities.
The company was offering either to exchange the 2024 notes or buy the notes in a capped tender offer, with a related consent solicitation.
The offer expired at 11 a.m. ET on June 9.
Noteholders tendered for exchange $141,793,000 of the notes, or 52.8% of the issue.
Noteholders tendered for purchase $29,862,000 of the notes, or 11.07% of the issue.
The company also said it received the requisite consents in the consent solicitation, which included the tendered notes and consents for an additional $15,241,000 of 2024 notes. The total response for the consent solicitation was 69.31% of the principal amount of notes.
Noteholders electing to exchange their notes for the new notes will receive an even exchange of new notes plus a $59 exchange fee in cash and a $1 consent fee in cash.
Tendering noteholders will receive $930 per $1,000, inclusive of a $1 consent fee.
Accrued interest will also be paid to the settlement date.
The new notes are expected to be listed on June 27.
The health supplements and child health company is based in Hong Kong.
| Issuer: | Health and Happiness (H&H) International Holdings Ltd.
|
| Issue: | Senior notes
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| Amount: | $200 million
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| Maturity: | June 26, 2026
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| Coupon: | 13˝%
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| Settlement date: | June 27
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB+
|
|
|
| Senior notes
|
| Amount: | $141,793,00
|
|
|
| New notes
|
| Amount: | $58,207,000
|
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