Huijing Holdings noteholders tender 85.19% of notes in exchange offer

Chicago, July 19 – China’s Huijing Holdings Co. Ltd. announced that noteholders representing $115 million, or 85.19%, of its 12½% senior notes due 2021 (ISIN: XS2211768473) had participated in an exchange offer for new notes, according to an announcement.

Accordingly, the company will issue $115 million of new notes (Lianhe: B+) and pay a total of $6,548,611.11 in cash and nothing in lieu of any fractional amount of the new notes.

The company was offering $1,000 of new notes for $1,000 of old notes, plus interest to the settlement date.

The new notes will have a coupon of at least 12½%.

The company is also conducting a concurrent new money issue of the new notes. Full details will be announced after the concurrent new money issue has priced.

Exchange instructions were irrevocable.

The company was seeking to extend its debt maturity profile to improve its debt structure.

The exchange deadline was 11 a.m. ET on July 16.

Settlement is expected for July 22.

CMB International Capital Ltd. is the dealer adviser (+852 3761 8990, ProjectChambertin@cmbi.com.hk).

D.F. King & Co., Inc. is the information and exchange agent for the offer (+44 20 7920 9700, +852 3953 7208, huijing@dfking.com).

Huijing is a Shanghai-based commercial and residential property developer.

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