General Announcement::ISSUANCE OF US$158,000,000 13.5% SENIOR NOTES DUE 2022

Issuer & Securities

Issuer/ Manager
GANGLONG CHINA PROPERTY GROUP LIMITED
Securities
GANGLONG US$150M13.5%N211201 - XS2256723938 - KFXB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
04-Nov-2021 23:01:01
Status
New
Announcement Sub Title
ISSUANCE OF US$158,000,000 13.5% SENIOR NOTES DUE 2022
Announcement Reference
SG211104OTHRW6NS
Submitted By (Co./ Ind. Name)
GANGLONG CHINA PROPERTY GROUP LIMITED
Designation
IR Department
Description (Please provide a detailed description of the event in the box below)
Reference is made to the announcements of the Company dated 26 October 2021 and 4 November 2021 (the Announcements ) in relation to the Exchange Offer and the Concurrent New Money Issuance. Unless otherwise defined, capitalised terms in this announcement will have the same meaning as those defined in the Announcements.

The Board is pleased to announce that on 4 November 2021, the Company and the Subsidiary Guarantors entered into the Purchase Agreement with the Initial Purchasers in connection with the issue of the Additional New Notes under the Concurrent New Money Issuance. The Group intends to use the net cash proceeds from the Concurrent New Money Issuance for refinancing and general corporate/working capital purpose.

Subject to the fulfillment or waiver of the conditions precedent to the Exchange Offer and the Concurrent New Money Issuance, the Company will issue US$31,300,000 of the Additional New Notes in the Concurrent New Money Issuance and US$126,700,000 of the New Notes pursuant to the Exchange Offer, for an aggregate principal amount of US$158,000,000 of the New Notes, which will mature on 11 November 2022, unless earlier redeemed pursuant to the terms thereof.

The New Notes will bear interest from and including 12 November 2021 at the rate of 13.5% per annum, payable in arrears on 12 May 2022 and 11 November 2022.

Approval in-principle has been received for the listing and quotation of the New Notes on the SGX-ST. Approval in-principle from, admission to the Official List of, and the listing and quotation of the New Notes on the SGX-ST are not to be taken as an indication of the merits of the Company or the New Notes. The SGX-ST assumes no responsibility for the contents of this announcement. No listing of the New Notes has been sought in Hong Kong.

Please see attached announcement for further details.

Attachments

ISSUANCE OF SENIOR NOTES DUE 2022.pdf
Total size =57K