Haimen Zhongnan begins exchange offer for 10 7/8% notes due 2022

Chicago, March 22 – China’s Haimen Zhongnan Investment Development (International) Co., Ltd. commenced an exchange offer for any and all of its $500 million outstanding 10 7/8% guaranteed senior notes due 2022 (ISIN: XS2008677341), according to an announcement.

The issuer is offering $1,000 of new notes for each $1,000 of old notes plus $20 in cash and also accrued interest.

The issuer is also conducting a concurrent offering of new notes. The new notes will be on the same terms and form a single series with the notes in the exchange offer.

The minimum yield of the new notes will be 11½%. Pricing on the new notes will be set on March 29.

The expiration deadline is noon ET on March 26.

Settlement is planned for April 1.

Listing of the new notes is expected for April 7.

Guotai Junan Securities (Hong Kong) Ltd. and Standard Chartered Bank are dealer managers for the exchange offer.

D.F. King Ltd. is the information and exchange agent (+44 20 7920 9700, +852 3953 7208, zhongnan@dfkingltd.com, https://sites.dfkingltd.com/zhongnan).

The property development and construction services company operates in the Jiangsu Province.

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