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%.