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China's Citic holders tender $196.9 million of 6¾% notes by early date
By Marisa Wong
Madison, Wis., Jan. 18 - Citic Resources Holdings Ltd. said that as of 5 p.m. ET on Jan. 17, the early tender deadline of its previously announced tender offer, holders tendered $196.9 million principal amount of 6¾% senior notes due 2014.
Citic began a cash tender offer on Jan. 4 for up to $200 million principal amount of its $1 billion 6¾% senior notes under a modified Dutch auction.
As previously reported, pricing will range from $1,040 to $1,060 for each $1,000 principal amount, and holders who tender their notes by the early tender deadline will receive an early tender premium of $20 per $1,000 of notes.
The company also will pay accrued interest.
The offer will end at 5 p.m. ET on Feb. 1.
The purpose of the offer is to reduce the group's debt and future interest expense and to improve its financial position by acquiring the notes while giving holders an opportunity for liquidity, according to a prior company press release.
Morgan Stanley is the dealer manager, and Bondholder Communications (212 809-2663 or +44 20 7382 4580, attn.: Chloe Roberts, or croberts@bondcom.com) is the information and tender agent.
Citic is an investment holding company based in Hong Kong engaged in the operation of the Portland Aluminum Smelter.
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