Times China begins tender offer for $500 million 6¼% notes due 2021

By Sarah Lizee

Olympia, Wash., Sept. 15 – Times China Holdings Ltd. launched a tender offer for a capped amount of its $500 million of 6¼% notes due 2021 (ISIN: 1749435324), according to a notice.

The offer will expire at 11 a.m. ET on Sept. 22.

The purchase price is $1,008 per $1,000 of notes. Holders will also receive accrued interest.

The company is simultaneously proposing to issue new notes. The tender cap will be the lower of the outstanding principal amount of the existing notes and the new issue amount.

Pricing of the new notes is expected to take place Sept. 16.

Tendered notes may be subject to proration.

The tender offer will be financed using proceeds from internal funding and the new issue.

The dealer managers are UBS AG Hong Kong Branch, Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Singapore Branch and CLSA Ltd.

The information and tender agent is D.F. King Ltd. (+44 20 7920 9700, +852 3953 7208; times@dfkingltd.com).

Times China is a property development holding company based in Guangzhou, China.

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