SPG Land sets clearing price at 84 in tender offer for zero-coupon convertibles

New York, May 4 - SPG Land (Holdings) Ltd. set the clearing price at 84 in its modified Dutch auction tender offer for its dollar-settled zero-coupon convertible bonds due 2012, according to a company announcement.

In addition, the tender will be reopened from May 5 until 3 a.m. ET on May 8 and settlement is pushed back to May 19 from the previous May 14.

As announced on April 27, the company issued RMB 1.16 billion of the convertibles, of which RMB 1 billion remains outstanding.

Holders who tender must indicate the minimum clearing price per RMB 100,000 principal amount of convertibles they are willing to accept for their bonds.

The purchase price will be the clearing price, as determined by the company using a reverse bookbuilding process, less a brokerage commission of 1%. The price will be paid in dollars using the dollar/renminbi exchange rate on May 12.

Originally the offer was set to expire at midnight ET on April 29, and the settlement date was expected to be May 14.

The dealer manager is Morgan Stanley Asia Ltd. (spg_tender@morganstanley.com, Attn: Equity Linked Capital Market), and the tender agent is Hongkong and Shanghai Banking Corp. (852 2822 4898 or annvuong@hsbc.com.hk, Attn: Ann Vuong).

SPG Land is a residential and hotel property developer in Hong Kong.

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