Modern Land (China) sees tenders for $237.1 million of 15½% notes

By Marisa Wong

Los Angeles, March 20 – Modern Land (China) Co., Ltd. said holders had tendered $237,103,000, or 95.05%, of its outstanding 15½% senior notes due 2020 (ISIN: XS1926064541) as of noon ET on March 19, the expiration of its tender offer for up to $100 million of the notes.

Modern Land has decided to accept for purchase $99,999,000 of the notes with a proration scaling factor of 40.7599%, according to a company announcement.

The accepted notes will be repurchased on March 25. The company will pay a total of about $106,572,545.

The purchase price is $1,030 for each $1,000 principal amount of notes plus accrued interest from the last interest payment date of Jan. 2 to but excluding the settlement date.

After settlement, $149,461,000 of the original $350 million principal amount will remain outstanding.

As previously reported, the company launched a prior tender offer for the notes on Feb. 18. It accepted tenders of $100.54 million of the notes under that offer, also at $1,030 for each $1,000 principal amount.

Guotai Junan Securities (Hong Kong) Ltd. and Morgan Stanley & Co. International plc are the joint dealer managers.

D.F. King (London: (+44 20 7920 9700, Hong Kong: +852 3953 7208, modernland@dfkingltd.com) is the information and tender agent.

Beijing-based Modern Land is a property developer focusing on the development of green, energy-saving and eco-friendly residences.

© 2015 Prospect News.
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