White & Case Advises on Successful Asian High Yield Tender Offer and Consent Solicitation
Hong Kong, Beijing
June 2, 2009 ... Global law firm White & Case LLP has advised Greentown China Holdings Ltd as issuer's counsel in connection with the cash tender offer and consent solicitation for its US$400 million of 9.00% senior notes due 2013. "The success of this tender offer and consent solicitation is testament to an effectively structured deal," comments Anna-Marie Slot, partner, White & Case. "This tender offer and exit consent demonstrates that Chinese companies can successfully use such transactions to help restructure their capital structures and potentially increase financial flexibility during the current credit crisis." Greentown, which develops luxury residential properties in China, offered noteholders who tendered and consented by the consent date a total consideration of US$850 for every US$1000 of principal amount outstanding of its notes. Approximately 92% of Noteholders provided their consents to the exit consent and approximately 90% consented. While other China-based companies have sought to undertake tender offers and consent solicitations in recent months, Greentown is the first to secure the overwhelming support of investors. The White & Case team was led by Hong Kong-based partner Anna-Marie Slot and assisted by partners Steve Payne (Beijing) and Jeremy Leifer (Hong Kong) and associates David Li (Beijing) and Rosanna Chow (Hong Kong). About White & Case
White & Case LLP is a leading global law firm with 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Contact: Ian Kitts EMEA Media Relations & Corporate Communications Manager 44 207 532 2857
Erica Howard Media Relations Executive 44 207 532 2852
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