Helenbergh China gives results of exchange offer for notes due 2023

Chicago, Nov. 11 – Helenbergh China Holdings Ltd. provided the market with results from its exchange offer relating to its $270 million of 11% senior notes due Oct. 8, 2023 (ISIN: XS2376908344) for new notes.

The offer expired at 4 a.m. ET on Nov. 9.

Helenbergh received tenders for $268 million of the notes, or 99.26% of the principal amount outstanding.

There was a minimum acceptance amount of $243 million.

Noteholders were being offered an even exchange for new notes and capitalized interest.

The new notes will be 10.33% notes with the same maturity date as the existing notes. Interest is payable in arrears on the maturity date.

The offer started on Nov. 2.

Settlement took place on Nov. 11 when the company issued $285,442,328 of new notes.

After settlement, there are $2 million of the existing notes outstanding.

The exchange offer was precipitated by an interest payment default.

Haitong International Securities Co. Ltd. was the dealer manager (+852 2973 6741).

Morrow Sodali Ltd. was the information and exchange agent (+44 20 4513 6933, +852 2319 4130, helenbergh@investor.morrowsodali.com, https://projects.morrowsodali.com/helenbergh).

The property developer is based in Guangzhou, China.

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