Powerchina seeks consents to amend $300 million 4½% notes

By Rebecca Melvin

New York, Sept. 16 – Powerchina Real Estate Group Ltd., which is a subsidiary by Power Construction Corp. of China (PowerChina), is seeking bondholder consent to amend an issue of $300 million 4½% notes due 2021, according to an announcement on Tuesday.

The notes are guaranteed by PowerChina. The consent solicitation dated Sept. 16 has to do with a proposed reorganization of the group that would integrate Powerchina Real Estate into Langold Real Estate Co. Ltd. and then delist the Powerchina real estate business, making Langold the issuer of the notes.

Noteholders who approve of the proposed amendments by 11 a.m. ET on Sept. 30 will be paid a consent fee of 0.15% of the outstanding principal of the notes that they hold. It the resolution has not received approvals of noteholders of at least 90% of the principal amount of notes, the resolution will be tabled at an extraordinary meeting conference call set for 4 a.m. ET on Oct. 14.

Hydropower in both China and abroad is the core business of the group.

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