Shangkun Real Estate completed the US dollar bill exchange offer, and will issue 222 million US dollars new bills

On July 19, 2022, Shangkun Real Estate (06900.HK) announced that on July 18, 2022, all prerequisites for exchanges offer offer had been reached and the exchange offer was completed.

The exchanges settled on the same day include the qualified holders who have effectively submitted exchange notes (12.25%of priority notes expired in 2022) in accordance with the exchange contract (12225%of the priority notes in 2022) issued a new bill of US $ 209.8 million; and the issuance of new bills of US $ 12.5647 million as the issue Capital interest. The $ 209.8 million exchange bills that have been effectively submitted according to the exchange contract and have been accepted have been canceled. After the cancellation, the remaining amount of the exchanges of the bill is $ 200,000.

Regarding the remaining exchanges, Shangkun Real Estate pointed out that the company may not be able to repay at the time of expires in time according to the terms of the remaining exchanges. The company will continue to communicate with relevant holders for exchanges that have not been repaid. Although the exchange offer and consent to solicit, the company urged the remaining exchanges notes to replace the remaining exchanges in accordance with the same terms of the exchanges and the exchanges. The company encourages relevant holders to contact the company as soon as possible under the actual feasible situation, and in order to exchange the arrangements for exchanges.

In addition, the new bill has been calculated at a annual interest rate of 12.25%since July 18, 2022, and paid on the installment on January 18, 2023 and July 17, 2023. The total principal of the new bill issued will be $ 222 million.

According to the terms of the exchange notes, all the non -repayments of the repayment of the bills, together with the interest on July 21, 2022 due to interest. After the 30 -day width limit expires, these non -payment interest will constitute a breach of contract under the switching bill, and there is a wide limit of the principal repayment without compensation. As of the date of this announcement, the breach of contract has not yet occurred.

Since the exchange bills will expire on July 21, 2022, the exchange bill will be delisted from the Stock Exchange after its expiration.

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