Hong Kong’s Golden Wheel Tiandi accepts tenders for $120 million of 7% notes due 2021

By Rebecca Melvin

New York, July 10 – Golden Wheel Tiandi Holdings Co. Ltd. said it has accepted tenders for $119,992,000 principal amount of its $296,062,000 7% senior notes due 2021 (ISIN: XS1751017218), or about 40.5% of the issue.

Upon completion of the June 29 tender offer, there will be $176.1 million remaining outstanding of the issue, according to a notice.

The company reported that in all holders of $172,779,000 principal amount of notes had tendered their notes, but not all of the notes were accepted.

The company said the tender offer is part of a refinancing transaction under which the company has issued new 14¼% senior notes due Jan. 9, 2023. The proceeds of the new notes will be used to complete the refinancing.

The purchase price is $995 per $1,000 of notes, and settlement is expected on July 13. The repurchased notes will be canceled.

BOCI Asia Ltd. (+852 3988 6910) is the dealer manager.

D.F. King Ltd. (+44 20 7920 9700, +852 3953 7208 or goldenwheel@dfkingltd.com) is the information and tender agent.

Golden Wheel Tiandi is a Hong Kong-based commercial and residential property developer, owner and operator.

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