On 12 December 2019, Admiralty Harbour acted as a Dealer Manager for the Exchange Offer for Hydoo International Holding Limited’s outstanding US$157,000,000 12% Senior Notes due 2020. The US$193,500,000 14% New Notes due 2021 comprise US$111,673,000 pursuant to the Exchange Offer and US$81,827,000 issued in the concurrent new money issuance
In October 2019, the introduction of new strategic controlling shareholders and the mandatory unconditional cash offer were completed, realizing the change of the actual controller of the Company. The Company was at a key point of strategic transformation. As the existing notes will mature in half a year and the NDRC offshore bond quota will expire in December 2019, the Exchange Offer was considerably urgent and challenging. This transaction is the first public appearance of the Company’s two new controlling shareholders in the offshore fixed income capital market as well. Through active communication with major noteholders, the controlling shareholders and the management of the Company, with the assistance of Admiralty Harbour, successfully advised the support for the Exchange Offer.
As at the Exchange Expiration Deadline, US$111,673,000 (71.13%) of the Existing Notes had been validly tendered for exchange and were accepted pursuant to the Exchange Offer. The success rate of the Exchange Offer is among the highest in similar transactions in 2019.
This transaction is another successful Exchange Offer managed by Admiralty Harbour in 2019, showing our strong capabilities and rich execution experience in terms of liability management.
About Hydoo International
Hydoo, whose origins trace back to 1995, is a leading developer and operator of integrated large scale trade centers in China. After the entry of the new strategic controlling shareholders, the Company is actively promoting the new “Hydoo 2.0” brand image as an international conglomerate brand with logistics, trading, residential, cultural tourism and healthcare service projects.