China Jinmao gets tenders for 61.2% of Franshion’s 4.7% notes due 2017

By Susanna Moon

Chicago, March 1 – China Jinmao Holdings Group Ltd. said investors had tendered $305.86 million, or 61.17%, of the $500 million 4.7% senior guaranteed notes due 2017 issued by subsidiary Franshion Investment Ltd.

Jinmao will accept all of the tendered notes for purchase at a price of 102.25% of par, according to a company notice.

After the repurchase, $194.14 million of the notes will remain outstanding.

The tender ended at 11 a.m. ET on Feb. 28, with settlement planned for March 3.

As announced Feb. 21, the purchase price is $1,022.50 per $1,000 principal amount plus accrued interest up to but excluding the settlement date.

Alongside the tender, China Jinmao Holdings Group Ltd. priced $500 million 3.6% notes due 2022 via subsidiary Franshion Brilliant Ltd. on Feb. 22.

Hongkong and Shanghai Banking Corp. Ltd., DBS Bank Ltd., Goldman Sachs (Asia) LLC, Standard Chartered Bank, Bank of Communications Co., Ltd., Hong Kong Branch and Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch will lead the sale.

Holders who participated in the tender will receive priority in the allocation of new notes up to the amount of notes tendered.

HSBC (+852 2822 4100, +44 20 7992 6237 or liability.management@hsbcib.com) is dealer manager and D.F. King Ltd. (jinmao@dfkingltd.com, +44 20 7920 9700, +852 3953 7230 or https://sites.dfkingltd.com/jinmao) is tender agent.

China Jinmao is a Hong Kong-based investment holding company that invests in and develops real estate in mainland China.

© 2015 Prospect News.
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