Wealth Driven clarifies joint purchase offer made with Xingtao Assets

By Wendy Van Sickle

Columbus, Ohio, June 22 – Wealth Driven Ltd. and Xingtao Assets Ltd. issued an update to their jointly announced offers to purchase for cash two series notes to make a clarification related to one series, according to an announcement.

As reported, Wealth Driven is offering to buy from its $379,762,000 outstanding 5½% senior notes due 2023 (ISIN: XS1471856424). The update clarifies that those notes include a put option, and the period for holders to deliver put notices this year will only commence on July 6. Any holder of the 2023 notes who has delivered a put notice but wishes to tender the relevant notes instead must withdraw their put notice before tendering any 2023 notes.

Xingtao is offering to buy from its €384.2 million outstanding 3.3% senior notes due 2022 (ISIN: XS1114393116).

The offer was initially capped but was changed to an any-and-all offer.

The 2023 notes are putable, according to the indenture, starting July 6. Noteholders who have delivered a put notice should withdraw it if they want to participate in the tender offer.

In each case, noteholders are being offered par plus interest.

The expiration deadline is 11 a.m. ET on July 4. Settlement is expected for July 11.

Both series of notes are guaranteed by Fosun International Ltd.

Credit Suisse (Hong Kong) Ltd. and Deutsche Bank AG, Singapore Branch are the dealer managers.

D.F. King & Co., Inc. is the information and tender agent for the offer (+44 20 7920 9700, +852 3953 7208, fosun@dfkingltd.com, https://sites.dfkingltd.com/Fosun).

The company is proactively managing its balance sheet and optimizing its capital structure with the offers. Financing for the offers will come from cash on hand.

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