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Shui On Land subsidiary seeks consent to amend terms of 3 senior notes

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Shui On Land subsidiary seeks consent to amend terms of 3 senior notes

Shui On Land Ltd. subsidiary Shui On Development (Holding) Ltd. is seeking approval from holders of three debt offerings to amend certain terms related to the limitation on restricted payments and the definition of permitted investment governing the senior notes.

The notes that will subject of the amendments are the issuer's 4.375% senior notes due 2019, 5.700% senior notes due 2021 and 6.875% senior notes due 2021, which have respective amounts of US$250.0 million, US$500.0 million and 2.20 billion yuan.

Subject to terms and conditions, Shui On will pay consenting note holders US$5.00 per US$1,000 of the 2019 and 2021 notes and 50.00 yuan per 10,000 yuan of the 2021 notes. The payments will be made Sept. 28 or when the consent conditions are satisfied, whichever comes later.

Holders of the notes are given until Sept. 21, 5 p.m. Central European Summer time, to submit their consents.

As of Sept. 7, US$1 was equivalent to 6.84 yuan.