On 29 March 2022, Zhenro Properties Group Limited (6158.HK
) successfully completed the Consent Solicitation for its US$200 million Perpetual Securities, the Exchange Offers, and Consent Solicitations for 5 series of senior notes with a total principal amount of US$1.05 billion due 2022 (the “Exchange Notes”) and the Consent Solicitations for 8 series of senior notes with a total principal amount of US$2.36 billion due from 2023 to 2026 (the “Consent Solicitation Notes”). Admiralty Harbour acted as the sole Dealer Manager and Solicitation Agent.
Since the second half of 2021, effects from restrictive policies towards the real estate developers have cascaded through the entire sector and Zhenro has also encountered liquidity challenges amid the headwinds.
In the first half of 2022, the Company faces obligation of redemption and maturities under offshore debt securities of complex structures, including Perpetual Securities, USD Notes, and Dim Sum Bonds. Admiralty Harbour took a comprehensive consideration of the Company’s indebtedness, and tailored, based on the terms of the securities, the integrated transactions by leveraging a combination of exchange offers and consent solicitations, to optimize its debt structure.
As of the expiration deadlines, the requisite consents in connection with the consent solicitations regarding the Perpetual Securities and the Consent Solicitation Notes had been obtained, and tenders representing 86.00%, 90.04%, 99.37%, 92.23%, 92.58% of the outstanding principal amounts of the Exchange Notes respectively had been received, accomplishing a large-scale debt rollover in one go.