Xinyuan opens exchange offer for three series of notes due 2023, 2024

By William Gullotti

Buffalo, N.Y., June 12 – Xinyuan Real Estate Co., Ltd. commenced exchange offers for outstanding principal amounts of three series of senior notes due 2023 and 2024, according to a 6-K filing with the Securities and Exchange Commission.

As previously reported, the exchange offer pertains to Xinyuan’s

• $257.83 million outstanding of its $300 million 14½% senior notes due 2023 (ISIN: XS2176792658);

• $262.7 million outstanding of its $270 million 14% senior notes due 2024 (ISIN: XS2290806954); and

• $139,341,000 outstanding of its $205,401,000 14.2% senior notes due 2023 (ISIN: XS1943449022).

For each $1,000 principal amount of notes validly tendered and accepted for exchange, noteholders will receive $1,000 principal amount of new dollar-denominated 3% senior notes due 2027, with interest accrued retroactively to Sept. 30, 2022, plus a cash consideration dependent on tender date.

Holders tendering by the early consent deadline, 5 a.m. ET on June 20, will also receive a cash payment of $5 per $1,000 principal amount of notes validly tendered.

Notes validly tendered and accepted for exchange after the early consent deadline will receive an additional cash payment of $3 per $1,000 principal amount.

The offer expires at 5 a.m. ET on June 23.

Notes validly tendered and accepted may not be withdrawn.

Offer results will be announced June 26, with settlement expected on or about June 28, unless otherwise extended.

The offer is subject to an overall minimum acceptance amount of $461,909,700.

Alvarez and Marsal Corporate Finance Ltd. is the restructuring advisor.

D.F. King (+44 20 7920 9700, +852 3953 7208; xinyuan@dfkingltd.com; https://sites.dfkingltd.com/xinyuan) is the information and exchange agent.

Xinyuan is a Beijing-based real estate developer and property manager with properties primarily in China.

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