China’s New Metro begins offer to purchase 6½% notes, 7 1/8% notes

By Taylor Fox

New York, Dec. 8 – New Metro Global Ltd., a subsidiary of Seazen Holdings Co., Ltd., began a tender offer to purchase for cash up to a maximum amount of its outstanding $500 million 6½% senior notes due April 23, 2021 (ISIN: XS1810682564) and $300 million 7 1/8% senior notes due May 23, 2021 (ISIN: XS1823153033), according to a company announcement.

Tendered notes will be purchased at a price of $1,009.50 per $1,000 of 6½% notes and a price of $1,015 per $1,000 of 7 1/8% notes plus interest.

If the amount of notes tendered is greater than the maximum acceptance amount, the tendered notes will be subject to proration.

In the event of any such proration, New Metro will round downward, if necessary, to ensure all purchases of notes will be in a minimum principal amount of $200,000 and integral multiples of $1,000 in excess thereof.

New Metro is also conducting a concurrent new money issuance that is not part of the offers and is conducted pursuant to a separate offering memorandum.

New Metro intends to finance the offers with the proceeds from the concurrent new money issuance.

The maximum purchase amount will be announced following the new money issuance.

The offers will expire at 11 a.m. ET on Dec. 16.

The settlement date is expected for Dec. 18.

Haitong International Securities Co. Ltd. is the dealer manager, and D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230; seazen@dfkingltd.com) is the information agent and tender agent.

New Metro is a subsidiary of Seazen, a Shanghai-based real estate developer.

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