China Logistics accepts $150 million notes in change-of-control offer

By Marisa Wong

Los Angeles, March 28 – China Logistics Property Holdings Co., Ltd. announced it received tenders for $150 million of its 8¾% senior notes due 2022 (ISIN: XS2258253199) under the change-of-control offer that began on Feb. 25.

As of the expiration deadline at noon ET on March 25, holders had tendered 100% of the outstanding principal amount of the notes.

The company will accept all $150 million of tendered notes for purchase for total consideration $156,276,041.67, according to a company announcement on Monday.

The consideration reflects a purchase price of $1,010 per $1,000 principal amount and accrued interest to but excluding the settlement date, which is expected to be March 29.

The company said it will cancel all repurchased notes.

As previously reported, the offer was triggered by completion of a sale and purchase agreement on Jan. 28, which constituted a change of control under the terms of the notes. The purchase agreement relates to Yupei International Investment Management Co., Ltd.’s sale of 916,488,000 shares in China Logistics Property to JD Property Group Corp.

GLAS Specialist Services Ltd. (+ 44 20 3597 2940, lm@glas.agency, attn.: Andy Rogers and Paul Cattermole) is the tender agent.

Incorporated in the Cayman Islands, China Logistics Property is an investment holding company, and the group develops and leases storage facilities and provides related management services in China.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.