New Metro accepts $236.97 million tenders for 2021 Seazen notes

By Marisa Wong

Los Angeles, Feb. 5 – New Metro Global Ltd. announced the results of its offer to purchase for cash up to a maximum amount of its outstanding $363,503,000 6½% senior notes due April 2021 (ISIN: XS1810682564) and $237,996,000 7 1/8% senior notes due May 2021 (ISIN: XS1823153033) guaranteed by Seazen Holdings Co., Ltd.

As of the expiration of the offer at 11 a.m. ET on Feb. 4, holders had tendered $150,265,000, or 41.34%, of the outstanding April 2021 notes and $86,704,000, or 36.43%, or the outstanding May 2021 notes.

The issuer has decided to accept for purchase all of the tendered notes without proration.

As previously announced, the purchase price is $1,010 for each $1,000 principal amount of 6½% notes and $1,015 for each $1,000 principal amount of 7 1/8% notes. Holders will also receive accrued interest.

The aggregate amount to be paid to holders will be $154,616,424.09 for the April 2021 notes and $89,291,572.60 for the May 2021 notes, for a total of $243,907,996.69 for all the accepted notes. Settlement will be on Feb. 8.

The company expects $213,238,000 of the April 2021 notes and $151,292,000 of the May 2021 notes to remain outstanding after settlement of the offer.

The company will finance the buyback offers with proceeds from a concurrent new money issuance.

Haitong International Securities Co. Ltd. is the dealer manager, and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7208, seazen@dfkingltd.com, https://sites.dfkingltd.com/seazen) is the information and tender agent.

The real estate development company is based in Shanghai.

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