TCC International to buy $63 million of Upper Value notes from holders

By Lisa Kerner

Charlotte, N.C., March 17 - TCC International Holdings Ltd. agreed to purchase a total of $63 million principal amount outstanding of senior notes issued by Upper Value Investments Ltd. from six noteholders for a total purchase price of $73.01 million, according to a company news release.

The company said it will fund the purchase using cash and bank borrowings.

TCC is acquiring Upper Value, an investment holding company incorporated in the British Virgin Islands that holds interests in manufacturers of clinker and cement in China.

The notes have a total principal amount outstanding of $90 million and bear interest at 22.9% annually.

Upper Value planned to redeem the notes as follows:

• $20 million on May 9, 2010;

• $20 million on Nov. 9, 2010; and

• $50 million on May 9, 2011.

TCC is a Hong Kong cement distributor.

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