China’s Dangdai launches any-and-all exchange offer for 7¼% notes

By Sarah Lizee

Olympia, Wash., Dec. 23 – Wuhan Dangdai Science & Technology Industries (Group) Co. Ltd. subsidiary Dangdai International Investments Ltd. launched an exchange offer for any and all of its $289.4 million of 7¼% guaranteed senior notes due 2020 for new notes, according to an announcement.

The new notes will mature in three years and bear a minimum yield of 10½%.

The offer will expire at 11 a.m. ET on Jan. 10.

Settlement is expected for Jan. 16.

The exchange consideration per $1,000 of existing notes will be $1,000 of new notes plus accrued interest and an additional cash incentive of $15.

The company said the purpose of the exchange offer is to extend the maturity profile of its foreign currency denominated debt and improve its debt structure, enabling the company to develop more steadily and strengthen its balance sheets and cash flows management.

CLSA Ltd. (+852 2600 8888, ProjectVoyage2018@clsa.com), Haitong International Securities Co. Ltd. (+852 2848 4333, Project.Voyage.2019@htisec.com), China Everbright Bank Hong Kong Branch (+852 2250 3966, dcm.cebhk@cebbank.com.hk) and CMBC Securities Co. Ltd. (+852 3728 8172, #dept-DCM@cmbcint.com) are dealer managers and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231, dangdai@dfkingltd.com) is the information and exchange agent.

Based in Wuhan, China, Dangdai is a conglomerate with a substantial medical and pharmaceutical portfolio.

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