KWG settles exchange of 2023 notes for 2024 notes, pays incentive fee

By Marisa Wong

Los Angeles, Sept. 30 – China’s KWG Group Holdings Ltd. announced that all conditions to the exchange offer and consent solicitation for its 7 7/8% senior notes due September 2023 (ISIN: XS1954740285) have been met as of Sept. 30 and that the exchange offer and consent solicitation have been completed as of Friday.

The company issued $636,469,000 of new 7 7/8% senior notes due Aug. 30, 2024 (ISIN: XS2530437339) in exchange for the $636,469,000 of tendered 2023 notes, paid $3,182,345 in cash as the incentive fee and paid accrued interest from Sept. 1 to but excluding Sept. 30.

Upon cancellation of the exchanged 2023 notes, the remaining outstanding principal amount of the 2023 notes will be $63,531,000.

The company paid the incentive fee after having received the necessary consents to effect the proposed waiver and amendments with respect to the 2023 notes.

KWG had launched its offer to exchange the 2023 notes for new August 2024 notes alongside an offer to exchange two series of notes due September 2022 for new notes due January 2024. That offer settled on Sept. 14.

The company also conducted a separate consent solicitation for six other series of notes. That consent bid was successful as well.

Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130; KWG@investor.morrowsodali.com; https://projects.morrowsodali.com/kwgexchange; https://projects.morrowsodali.com/kwgconsent) is the information, exchange and tabulation agent.

KWG Property is a developer based in Guangzhou, China.

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