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Xinyuan Real Estate Co., Ltd. Message Board

  • rvga128 rvga128 Sep 19, 2013 12:23 PM Flag

    Convertible notes.

    The Convertible Notes carry an annual cash coupon rate of 5% and are scheduled to mature on September 19, 2018. Interest on the notes will be payable semi-annually in arrears on March 19th and September 19th of each year, beginning March 19, 2014. The Convertible Notes are secured pari passu with Xinyuan's outstanding US$200 million 13.25% senior notes due 2018 (the "Senior Notes") and are secured by the same collateral package and are guaranteed by the same subsidiaries of the Company as the Senior Notes.

    Taking into account the common shares and the full conversion of the Convertible Notes, the Investor would hold a total of 37.2 million common shares (18.6 million ADSs) on a fully diluted basis, equivalent to approximately 20% of the Company's total share capital. Upon the closing of the transaction, Mr. Steve Sun joined Xinyuan's board of directors, as the Investor's nominee to the board. Mr. Sun also became a member of the board's compensation committee, nominating and corporate governance committee and investment committee. Effective upon closing, Mr. Omer Ozden resigned as a director of the Company. Mr. Ozden is expected to take an increased role with respect to the Company's capital markets and international real estate development efforts.

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