HONG KONG, April 24, 2014 /PRNewswire/ -- China Forestry
Holdings Co., Ltd. announced today the further extension of the
Expiration Date for its previously announced tender offer to
purchase for cash any and all of its outstanding 10.25% Senior
Notes due 2015 (the "Notes") and related consent solicitation. The
tender offer and consent solicitation are subject to the terms and
conditions set forth in the Offer to Purchase and Consent
Solicitation Statement, dated November 22, 2013, as amended
(the "Offer to Purchase").
The previously announced Expiration Date for Notes validly
tendered pursuant to the tender offer and consent solicitation has
been extended to 11:59 p.m., New York
City Time, on May 24, 2014 (unless
further extended or earlier terminated). Notes that are
validly tendered prior to such time pursuant to the tender offer
and consent solicitation and accepted for purchase will be entitled
to receive the Tender Offer Consideration. As of 5:00 p.m., New York City Time, on April 23, 2014, $100,344,000 aggregate principal amount of the
Notes, representing 64.65% of the outstanding Notes not held by the
company, had been tendered.
The consents received to date, unless withdrawn, are sufficient
to approve the proposed amendments to the indenture relating to the
Notes, which amendments would eliminate most of the restrictive
covenants and certain other related provisions (including certain
events of default) of the indenture or make such covenants less
restrictive.
Aside from the extension of the Expiration Date, all other terms
and conditions of the tender offer and consent solicitation remain
unchanged. The Early Consent Deadline expired on December 6, 2013. Any Notes tendered after
the Early Consent Deadline will be entitled to receive only the
Tender Offer Consideration.
The tender offer and consent solicitation are conditioned upon
the satisfaction of certain conditions, including the company's
receipt of funds from one or more financings sufficient to pay the
Tender Offer Consideration with respect to the Notes. Subject to
applicable law, the company may also terminate the tender offer and
consent solicitation at any time before the Expiration Date in its
sole discretion.
The information agent and tender agent is Bondholder
Communications Group, LLC. Copies of the Offer to Purchase are
available by contacting Bondholder Communications Group, LLC at
(212) 809-2663 in the United
States or +44 (0) 20 7382 4580 in London.
This press release does not constitute an offer to sell or
purchase, or the solicitation of an offer to sell or purchase, or
the solicitation of tenders or consents with respect to the
Notes.
The tender offer and consent solicitation for the Notes are only
being made pursuant to the Offer to Purchase that the company has
distributed to holders of the Notes. The tender offer and consent
solicitation are not being made to holders in any jurisdiction in
which the making or acceptance thereof would not be in compliance
with the securities, blue sky or other laws of such
jurisdiction.
About China Forestry Holdings Co., Ltd.
China Forestry Holdings Co., Ltd., together with its
subsidiaries (the "Group"), has operations in the People's Republic of China focused on
forest resources and timber log processing. The Group has grown to
become one of the key players in China's forestry industry. Its principal
business comprises sustainable upstream forest management and the
harvesting and sale of high-quality timber logs to meet rising
demand in the domestic market in China. For more information, visit
www.chinaforestryholding.com.
Forward-Looking Statements
Certain information contained in this press release constitutes
forward-looking statements, including the statements regarding the
timing and settlement of the tender offer and consent solicitation.
These statements relate to future events and can generally be
identified by words such as "may," "expects" and "intends."
Forward-looking statements are inherently uncertain. The success of
the tender offer and consent solicitation is subject to a number of
conditions, including the financing condition described in the
Offer to Purchase, not all of which are within the company's
control. In addition, any forward-looking statements speak only as
of the date such statements are made. While the company may elect
to update forward-looking statements at some point in the future,
the company specifically disclaims any obligation to do
so.
SOURCE China Forestry Holdings Co., Ltd.