Kaisa Group completed an exchange and tender offer for its $3bn 9.375% bonds due June 2024. $1.58bn in principal, or 51.78% of the outstanding bonds were validly tendered. Up to $500m (maximum acceptance level) of notes validly tendered will be exchanged for new 11.7% 4.5Y non-call 2.5Y (4.5NC2.5) 2025s on a par-to-par basis. $489mn in principal, or 16.03% of the outstanding 2024s, were validly tendered under the tender offer, close to the $500mn maximum acceptance amount. Kaisa will buy for cash $304mn of the notes tendered at par or below following an unmodified¬†Dutch auction. After the completion of the exchange and tender offer, the outstanding amount of the 2024s will be reduced to $2.247bn. Kaisa’s 9.375% 2024s are currently at trading 99.65 yielding 9.5%.

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