Chinese residential property developer Greentown China Holdings’ cash tender offer and exit consent has secured the support of investors, as the company restructures its capital structures.
 Bill Barron, Davis Polk & Wardwell |
Greentown closed its tender offer and consent solicitation to purchase any and all of its outstanding US$400 million 9.00% senior notes due 2013. In doing so, it became the latest China-based company to seek to undertake such a transaction but the first to receive overwhelming investor approval.
Zhejiang Province-based Greentown, which develops luxury residential properties in China, offered noteholders a total consideration of US$850 for every US$1000 of principal amount outstanding of its notes. Approximately 92% of note-holders provided their consents to the exit consent and approximately 90% consented.
The issuer turned to an Anna-Marie Slot-led White & Case team, which included partners Steve Payne and Jeremy Leifer. A Hong Kong-based Davis Polk & Wardwell team, led by Bill Barron [pictured], advised the London branch of Deutsche Bank AG as the exclusive dealer manager.
Greentown develops quality housing properties targeting middle to higher income residents in China.