Hydoo Intl announces exchange offer for 12% 2020s; concurrent new bond issue

Credit: REUTERS/THOMAS WHITE

Hydoo International Holding on Monday announced an exchange offer for all its outstanding US$157m 12% senior notes due 2020 and a concurrent new bond offering to improve the company's debt structure, according to a filing.

HONG KONG, Dec 2 (IFR) - Hydoo International Holding on Monday announced an exchange offer for all its outstanding US$157m 12% senior notes due 2020 and a concurrent new bond offering to improve the company's debt structure, according to a filing.

Under the exchange offer, holders of the 12% 2020s will exchange for the new bonds at par, plus accrued interest.

The Hong Kong-listed Chinese property developer will announce the minimum yield of the new bond on or about December 4.

The deadline for the exchange offer is December 11 and the settlement will be on December 19.

AMTD is the sole financial adviser and sole structuring adviser as well as deal manager with Admiralty Harbour on the exchange offer. DF King is information and exchange

agent.

Hydoo International is also planning a concurrent new money issue to sell additional new bonds. Proceeds from the new bond issue will be used for debt repayment, financing an acquisition or the development of assets or property, and for general corporate purposes.

AMTD and BNP Paribas are joint global coordinators, joint bookrunners and joint lead managers in connection with the concurrent new money issuance.

(Reporting by Carol Chan; Editing by David Holland)

((C.Chan@thomsonreuters.com; +852 2912 6604;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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