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China’s Cre8ive wraps exchange offer for all 12% bonds due 2018
By Susanna Moon
Chicago, June 17 – Cre8ive Capital China Ltd. said it completed the exchange offer for all of its RMB 353 million 12% bonds due August 2018.
As a result of the exchange, none of the bonds remain outstanding, according to a company notice.
As previously announced, the company offered to exchange the bonds for new unlisted bonds issued by Cre8ive Investment Ltd., a subsidiary incorporated in Hong Kong.
The previous bonds had been listed on the Luxembourg Stock Exchange.
The exchange offer ended on June 22. The offer was previously extended to June 15 from May 15.
The completion of the exchange was subject to all the existing bonds being tendered.
The company announced the exchange on April 16 following its failure to pay the interest due on March 31 and a default on the required use of proceeds.
Cre8ive is based in Hong Kong and is active in real estate.
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