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Times China gets consents for amendments for three series of notes
By Cady Vishniac
Detroit, Dec. 8 – Times China Holdings Ltd. has received consents to amend its notes’ indentures from holders of its 5¾% senior notes due 2022 (ISIN: XS1602480334), its 6.6% senior notes due 2023 (ISIN: XS1725308859) and its 6¾% senior notes due 2023 (ISIN: XS2027426027), according to a notice.
As previously reported, the company sought consents from a majority in principal amount of each of the outstanding notes to make amendments that would allow it to pursue more business opportunities than would otherwise be available, better suit its business needs and bring the terms of the notes in line with the terms of the company’s more recently issued senior notes. The amendments include changes to:
• The definition of “consolidated interest expense” and other related definitions;
• The definition of “consolidated net income” and other related definitions;
• The limitation on debt and preferred stock covenant; and
• The limitation on transactions with shareholders and affiliates covenant.
The company also sought to clarify and amend certain provisions and both amend and introduce definitions in each of the indentures related to the listed proposals.
The record date for the consent solicitations was 11:00 a.m. ET on Nov. 20. The solicitation expired at 11:00 a.m. ET on Dec. 7.
The company will pay a consent fee of $2.00 for each $1,000 in principal amount of each series of the notes if the holder validly delivered a consent on or prior to the expiration date.
D.F. King Ltd. acted as the information and tabulation agent (+44 20 7920 9700, +852 3953 7230, times@dfkingltd.com; https://sites.dfkingltd.com/times).
Credit Suisse (Hong Kong) Ltd. was the solicitation agent (+852 2101 7132, list.liabilitymanagementasia@credit-suisse.com, Attn: IBCM – Debt Capital Markets).
Times China is a property development holding company based in Guangzhou, China.
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