Chinese developer Golden Wheel Tiandi has launched an exchange offer on two of its dollar bonds – 12.95% 2022s and 14.25% 2023s – capped at $145mn. The issuer is proposing to exchange the older bonds for new ones to be issued at par, a maturity of July 11, 2023, a minimum yield of 16% and an expected rating of B3 by Moody’s, as per IFR. Golden Wheel will exchange the old bonds for new ones on a par-to-par basis plus accrued and unpaid interest and is offering an extra cash consideration of $40 per $1,000 in principal. Priority for the exchange will be given to the 2022s and the deadline is June 8. The company cited extending the maturity profile of its offshore debt and improving its debt structure as reasons for the exchange.