Redco offers to purchase outstanding 9 7/8% senior notes due 2021

By Cady Vishniac

Detroit, Nov. 10 – Redco Properties Group Ltd. began a capped tender offer to purchase for cash its outstanding 9 7/8% senior notes due 2021 (ISIN: XS1989092116), according to a news release.

There are currently $180 million of the notes outstanding. Redco will purchase either all the outstanding notes or an amount equivalent to its planned new issue of senior notes, whichever is the smaller number of the two.

If the aggregate principal amount validly tendered is greater than the amount accepted, the tenders will be subject to proration.

Holders who tender their notes by the expiration deadline will be eligible to receive a total consideration of $1,010 per $1,000 of the notes, plus accrued interest.

The pricing and terms of the new notes will be announced on or about Nov. 10.

The offer will expire at 11 a.m. ET Nov. 18.

The settlement date will be on or about Nov. 20, with results announced as soon as possible after the expiration deadline.

Financing for the offer will come from Redco’s new issue.

Credit Suisse (list.redcolm@credit-suisse.com) is the dealer manager for the offer.

Morrow Sodali Ltd. (+44 208 089 3287, +852 2158 8405; redco@investor.morrowsodali.com; https://bonds.morrowsodali.com/redco) is the information and tender agent.

Redco is a residential and commercial property developer based in Shenzhen, China.

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