The exchange offer marked the sixth liability management deal completed by Admiralty Harbour in 2020.
On 29 Sep 2020, Nantong Sanjian Construction Group Co., Ltd, with assistance of Admiralty Harbour as the lead deal manager, successfully reached major closing conditions for the Exchange Offer of its US$300m 7.80% senior notes due Oct 2020.
In the first half of 2020, challenging economic environment caused delays of the Company’s projects, resulting in liquidity constraints. The Company proactively explored liability management options to address its bond maturity while adequately protecting interests of its stakeholders. The Exchange Offer launched on 31 Aug 2020 provided more attractive terms than those of the existing notes and extended runway for the company’s future business. The exchange offer received support from investors holding 75.4% of the notes, a level at higher end among similar transactions completed recently.
The exchange offer marked the sixth liability management deal completed by Admiralty Harbour in 2020. As the lead dealer manager, Admiralty Harbour crafted the transaction structure and facilitated productive communication with bondholders. We congratulate the Company on completing the Exchange Offer.