Fosun units tally tenders for $189.28 million of 2022, 2023 notes

By Rebecca Melvin

Concord, N.H., May 27 – Fortune Star (BVI) Ltd. and Wealth Driven Ltd. announced the results of their capped offers to purchase for cash two series of notes, according to a joint announcement.

The offers covered Fortune Star’s $1,025,361,000 outstanding of 5¼% senior notes due 2022 (ISIN: XS1581103428) at priority level one and Wealth Driven’s $446,009,000 outstanding 5½% senior notes due 2023 (ISIN: XS1471856424) at priority level two. The issuers had determined to accept a maximum purchase amount of $500 million.

As of expiry of the offers at 11 a.m. ET on May 21, a total of $123,033,000 of the 2022 notes, representing about 12% of the total principal amount outstanding, and $66,247,000 of the 2023 notes, representing 14.85% of the total principal amount outstanding, had been validly tendered.

Payment for Fortune Star’s 2022 notes will be $1,014 per $1,000 note plus $9.041667 of accrued interest. Payment for Wealth Driven’s notes is $1,008 per $1,000 note plus $14.972222 of accrued interest.

In total, the issuers paid a purchase price of $124,755,462 and accrued interest of $1,112,423.16 for the 2022 notes and paid a purchase price of $66,776,976 plus accrued interest of $902,328,000 for the 2023 notes. Settlement occurred on May 25.

The issuers are canceling the purchased notes, leaving $902,328,000 of the 2022 notes and $379,762,000 of the 2023 notes remaining outstanding.

Both series of notes are guaranteed by Fosun International Ltd.

Credit Suisse (Hong Kong) Ltd. (+852 2101 6000) and Deutsche Bank (+852 2503 8888) were the dealer managers.

D.F. King Ltd. (+44 20 7920 9700, +852 3953 7208, fosun@dfkingltd.com, https://sites.dfkingltd.com/Fosun) was the information and tender agent.

Fosun is a Shanghai-based conglomerate.

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