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China’s H&H terminates exchange for 7¼% notes, as new issue canceled
By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Health and Happiness (H&H) International Holdings Ltd. decided to terminate its exchange offer for its $600 million of 7¼% notes due 2021 and to call off a planned new-money issuance of notes, according to an announcement on Thursday.
The company reported on Wednesday that it received tenders for $177,366,000, or 29.56%, of the 7¼% notes. Those notes will be promptly returned or credited back to their holders, according to Thursday’s update.
Health and Happiness announced the exchange offer on Sept. 10.
The preliminary results meant the minimum acceptance condition in the exchange was met, the company had reported on Wednesday, at which time it said it expected to accept the tendered notes in full.
At its previous announcement on Sept. 17, Health and Happiness set the coupon on the new notes that will be issued at a minimum of 6½%.
The exact coupon was to be set at the pricing of the concurrent new issue.
As announced Sept. 10, H&H offered to exchange the 7¼% notes at a price of $1,042.29 of new notes per $1,000 principal amount of existing notes.
The company said it expected to issue at least $400 million of the new notes.
The company also was to pay accrued interest.
The offer ended at 4 a.m. ET on Sept. 19.
The minimum exchange amount was 20% of the existing notes.
Existing notes being tendered for exchange may only be submitted in a minimum principal amount of $200,000 and in integrals of $1,000 after that.
Goldman Sachs (Asia) LLC is the dealer manager.
D.F. King (+44 20 7920 9700, 852 3953 7231 or hh@dfkingltd.com) is the information and exchange agent.
Based in based in Guangzhou, the company provides pediatric nutritional and baby care products in China.
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