| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Z > Headlines for Zensun Enterprsies Ltd. > News item |
Zensun Enterprises begins exchange offer for 12½% notes due 2023
By Marisa Wong
Los Angeles, Aug. 29 – Zensun Enterprsies Ltd. is offering to exchange any and all of its $113.23 million outstanding 12½% senior notes due 2023 (ISIN: XS2382158207) for new dollar-denominated 7% two-year senior notes, according to a company announcement.
The outstanding principal amount does not include notes held by the issuer or Zensun Group Ltd., which are expected to be canceled prior to the maturity of the existing notes.
For each $1,000 principal amount of existing notes tendered, the company is offering an exchange consideration consisting of $1,000 principal amount of new notes, accrued interest and cash in lieu of any fractional amount of new notes.
The issuer noted that the exchange offer is only open to holders who are non-U.S. persons outside the United States under Regulation S.
The offer expires at 11 a.m. ET on Sept. 8.
Results will be announced on Sept. 11.
Settlement will be on or about Sept. 12.
The new notes are expected to be listed on the Hong Kong stock exchange on Sept. 13.
The exchange offer is subject to some conditions.
The company said it will not receive any cash proceeds from the exchange offer. Any existing notes exchanged will be canceled.
The purpose of the exchange offer is to refinance the existing notes and to enable the company to extend its debt maturity profile and improve cash flow management.
Guotai Junan Securities (Hong Kong) Ltd. is the dealer manager for the exchange offer.
D.F. King (+44 20 7920 9700, +852 3953 7208; zensun@dfkingltd.com; https://sites.dfkingltd.com/zensun) is the information and exchange agent.
Zensun is a residential property developer in Zhengzhou.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.