Zoomlion Gets Approval to Add Debt After Pricing 10-Year Notes
Zoomlion H.K. SPV Co., a unit of Zoomlion Heavy Industry Science and Technology Co., said it has received bondholder permission to issue more debt, a day after pricing $600 million of new bonds.
The majority of bondholders agreed to amend the terms of its 6.875 percent bonds due April 2017 to allow it to borrow more, according to a statement to the Singapore stock exchange today. The company priced $600 million of 10-year notes at a yield premium of 456.2 basis points more than similar-maturity Treasuries, according to data compiled by Bloomberg.
Bondholders that consented to the changes before the deadline will receive $2 for every $1,000 of principal held, according to the Dec. 3 exchange statement.
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