DaFa gives results of exchange offer, consent bid for 9.95% notes, gets consents for other notes

By Rebecca Melvin

Concord, N.H., Jan. 14 – DaFa Properties Group Ltd. announced the results of its Jan. 6 exchange offer and consent solicitation relating to its $184.5 million outstanding 9.95% senior notes due Jan. 18, 2022 (ISIN: 2286017640). The offer and consent had been extended by one day, according to a company announcement on Friday.

As of the expiration at 11 a.m. ET on Jan. 13, $144.14 million of the existing notes, representing 78.12% of the total principal amount outstanding, had been validly tendered for exchange and deemed to have given consents to the proposed amendments.

The company said it has decided to waive the minimum acceptance amount condition – which had been 90% – and subject to the fulfillment or waiver of the conditions to the exchange offer and consent solicitation, the company will issue $138,384,000 of the new notes on Jan. 18. The notes will bear interest at 12½% and mature on June 30, 2022.

Approval in principle has been granted by the Singapore exchange for listing.

DaFa Properties also announced the results of a Jan. 7 consent solicitation relating to its outstanding 12 3/8% senior notes due 2022 (ISIN: XS2182881388) and outstanding 13½% senior notes due 2023 (ISIN: XS2400512146).

As of expiration of the consent solicitation at 11 a.m. ET on Jan. 13, the company received sufficient consents needed to effect the proposed amendment. Therefore, a supplemental indenture with respect to each of the notes’ indentures will be amended as of Jan. 17.

DaFa is a real estate developer based in Shanghai.

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