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Zhongliang offers to exchange May, June notes for series due in 2023
Chicago, June 1 – China’s Zhongliang Holdings Group Co. Ltd. started an exchange offer on Wednesday for its existing $27,628,000 outstanding 8½% senior notes due May 2022 (ISIN: XS2341214059) and its $71,166,000 outstanding 9½% senior notes due July 2022 (ISIN: XS2247412518), according to an announcement.
Both series were part of a recent exchange offer that wrapped on May 18.
The notes would be exchanged into a combination of new 9¾% senior notes due December 2023 and new 8¾% senior notes due April 2023. Both new notes constitute add-ons to previous issues, from the recent exchange offer. Already issued are $428,869,883 of 9¾% notes issued on May 18 and $201,636,117 of 8¾% notes also issued on May 18.
Exchanging holders will receive $1,000 in new notes, accrued interest to May 18 and a $10 cash incentive fee for each $1,000 of existing notes.
The allocation of new notes will be based on 70% of December 2023 notes, but the maximum amount of new December 2023 notes will be $104,130,117.
The issuer notes that liquidity issues faced by developers in China continues to be severe and the company does not expect to be in a position to make timely repayments in accordance with the terms of the remaining notes due in 2022 upon their maturities.
Exchanging noteholders will waive their rights on the 2022 notes and will release and discharge any claims regarding any and all accrued and unpaid interest on the notes.
Eligible holders must tender all of their notes.
The offer expires at 11 a.m. ET on June 10.
Tenders are irrevocable.
June 16 is the settlement date, and the new notes will be listed on June 17.
Morrow Sodali Ltd. is the information and exchange agent (+44 20 4513 6933, +852 2319 4130, zhongliang@investor.morrowsodali.com, https://bonds.morrowsodali.com/ zhongliangexchange).
Zhongliang is a residential property management company based in Shanghai.
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