China Shanshui Cement completes redemption of 7½% notes due 2020

By Marisa Wong

Morgantown, W.Va., Nov. 15 – China Shanshui Cement Group Ltd. announced it redeemed $484,271,000 of its 7½% senior notes due 2020 on Nov. 15. Those notes will be canceled.

The redemption follows settlement of a final payment to the paying agent for the 7½% notes due 2020 for distribution to holders of tendered notes, according to a notice on Thursday.

In an announcement on Oct. 30, China Shanshui said the final payment of $409.22 million represents 101% of the original principal amount of the tendered notes, plus accrued interest to but excluding the payment date, less $73.47 million of notes already repurchased and $11.41 million of overpaid interest.

The amount redeemed on Thursday represents about 99.86% of the tendered notes and about 96.85% of the original issue amount.

As previously reported, the company had launched a tender offer to repurchase the notes at 101% of par. It had received tenders for $484.97 million of the notes but only managed to repurchase $73.47 million of the tendered notes between June 2016 and October 2016.

More recently, the company entered into a restructuring support agreement with some noteholders in September to complete the tender offer.

China Shanshui is a Jinan, China, cement manufacturer.

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