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Shui On Land seeks consent to amend US$1.89B of notes

Shui On Land Ltd. is seeking the consent of the holders of four previous notes issuances totaling about US$1.89 billion to amend certain terms of the indentures.

The consent solicitations involve US$500.0 million of 8.70% senior notes due 2017, US$637.0 million of 8.70% senior notes due 2018, US$550.0 million of 9.625% senior notes due 2019 and about US$202.5 million of 9.750% senior notes due 2020.

Shui On will pay note holders US$3.50 per US$1,000 principal amount of the notes that it seeks to amend, subject to terms and conditions.

Holders of the notes have until April 11, 5 p.m. Central Europe time, to accept the amendment, and it is expected that any consent payment will be paid April 19 or as early as practicable.