Chinese developer Modern Land (China) announced that it has received a solid response to its tender offer of its 12.85% bonds due October 25 this year. The company said that bonds worth $134.04mn in principal had been validly tendered as on the offer deadline of last Thursday. Modern Land has accepted $49.998mn worth of bonds with a proration scaling factor of 27.874% as per IFR, which takes the bonds total amount outstanding to $250.002mn. The bonds are currently trading at 102.25, lower than its tender price of $102.75 per $100 in principal plus accrued interest.
Modern Land China Receives Solid Demand for Tender of 12.85% 2021s
