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China's SPG Land receives consents to amend 13½% senior notes due 2016
New York, July 18 - SPG Land (Holdings) Ltd. said it received the necessary consents from holders of its $200 million 13½% senior notes due 2016.
As announced on July 9, SPG was seeking consents in order to allow the restructuring of its subsidiary, Wuxi Xindu Real Estate Development Co., Ltd. The company was seeking to amend and waive certain covenants and amend certain definitions in the notes' indenture.
The solicitation expired at noon ET on July 18.
The company was offering a consent fee of $5 per $1,000 principal amount of notes.
The solicitation required the receipt of consents from holders of a majority of the notes.
Morgan Stanley & Co. International plc is the solicitation agent (attn: Kaiser So, +852 3963 0371), and Bondholder Communications Group (+44 207 382 4580 or 212 809-2663) is the information and tabulation agent.
SPG is a property and hotel developer based in Shanghai.
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