Modern Land (China) ups tender cap, accepts $100.54 million notes

By Marisa Wong

Los Angeles, March 2 – Modern Land (China) Co., Ltd. said holders had tendered $100.54 million, or 28.73%, of its $350 million outstanding 15½% senior notes due 2020 (ISIN: XS1926064541) as of 11 a.m. ET on Feb. 28, the expiration of its capped tender offer that began Feb. 19.

On Monday the company said it decided to increase the tender cap to $120 million from $100 million and will accept for purchase all $100.54 million of the tendered notes.

The purchase price will be $1,030 for each $1,000 principal amount of notes plus accrued interest from the last interest payment date of Jan. 2 to but excluding the settlement date, which will be March 4.

The tender offer is subject to a financing condition and is expected to be financed from the proceeds of an issuance of new notes.

Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, Hong Kong Branch, Guotai Junan Securities (Hong Kong) Ltd., HSBC Corp. Ltd. and Morgan Stanley & Co. International plc are the joint dealer managers.

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

Beijing-based Modern Land is a property developer focusing on the development of green, energy-saving and eco-friendly residences.

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