BEIJING, April 15 /PRNewswire-Asia/ -- Xinyuan Real Estate
Co., Ltd. ("Xinyuan" or the "Company") (NYSE: XIN), a residential
real estate developer with a focus on high growth, strategic Tier
II cities in China, today
announced that it has repaid in full the $75
Million Floating Rate Notes and the $25 million Convertible Note and that it has
completed a placement of $40 million
aggregate principal amount of a guaranteed senior secured note (the
"New Note") plus warrants to a holder of Xinyuan's previous
floating rate notes.
Under the terms of the securities purchase agreement, the
purchase price for the New Note and warrants was paid by
$10 million in cash and by the deemed
satisfaction and repayment of $30
million principal amount of Xinyuan's floating rate notes.
Xinyuan paid in full the remaining $45 floating rate notes upon maturity on
April 15, 2010. Concurrently, Xinyuan
and the holder of its convertible note mutually agreed to an early
exercise of the convertible note put option on April 15, 2010 at a repurchase price of
approximately 120% of the principal amount.
The New Note, purchased by Forum Asian Realty Income II, L.P.,
has a three-year term, subject to earlier repayment in certain
circumstances, and bears interest at the rate of 15.6% per annum.
The New Note is secured by a first priority lien on the non-PRC
assets of Xinyuan and is guaranteed by the Company's non-PRC
subsidiaries.
The three-year warrants are exercisable for an aggregate of
1,516,882 common shares of Xinyuan at an exercise price of
$0.01 per share.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. (NYSE: XIN) is a developer of
large scale, high quality residential real estate projects aimed at
providing middle-income consumers with a comfortable and convenient
community lifestyle. Xinyuan focuses on China's Tier II cities, characterized as
larger, more developed urban areas with above average GDP and
population growth rates. Xinyuan has expanded its network to cover
a total population of over 44.7 million people in seven
strategically selected Tier II cities, comprising of Hefei, Jinan,
Kunshan, Suzhou, Zhengzhou,
Chengdu and Xuzhou. Xinyuan is the
first real estate developer from China to be listed on the New York Stock
Exchange. For more information, please visit http://www.xyre.com
.
About Forum Asian Realty Income II, L.P.
Forum Asian Realty Income II, L.P. is managed by Forum Partners,
a global real estate investment management firm, which together
with its affiliate Forum Securities Limited, manages over
$2 billion of capital on behalf of
institutional and individual investors worldwide. Forum Partners
provides restructuring capital and market expertise to small and
mid-size real estate companies that are traditionally underserved
in the capital markets. Since its establishment in 2002, Forum
Partners has managed investments in over 70 companies in 21
countries in Asia, Europe and North
America. Forum Partners, together with Forum Securities, has
over 70 employees based in offices in London, Hong
Kong, Beijing, Toronto, Chicago, Santa Fe,
New Mexico and Greenwich,
Connecticut.
Further information on Forum Partners is available at
http://www.forumpartners.com .
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
concerning our beliefs, forecasts, estimates and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including,
but not limited to, the risk that: our financing costs are subject
to changes in interest rates; the recognition of our real estate
revenue and costs relies on our estimation of total project sales
value and costs; we may be unable to acquire desired development
sales at commercially reasonable costs; increases in the price of
raw materials may increase our cost of sales and reduce our
earnings; we are heavily dependent on the performance of the
residential property market in China, which is at a relatively early
development stage; PRC economic, political and social conditions as
well as government policies can affect our business; our results of
operations may fluctuate from period to period; the market price of
our ADSs may be volatile; we may not be able to successfully
acquire the remaining 55% equity interest in Jiantou Xinyuan, and
other risks outlined in our public filings with the Securities and
Exchange Commission, including our annual report on Form 20-F for
the year ended December 31, 2009. All
information provided in this press release is as of April 15, 2010. Except as required by law, we
undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
For more information, please contact:
In China:
Mr. Tom Gurnee
Chief Financial Officer
Tel: +86-10-8588-9390
Email: tom.gurnee@xyre.com
Ms. Helen Zhang
Director of Investor Relations
Tel: +86-10-8588-9255
Email: yuan.z@xyre.com
In the United States:
Mr. Bill Zima
ICR, LLC
Tel: +1-203-682-8200
Email: Bill.zima@icrinc.com
Ms. Kate Messmer
ICR, LLC
Tel: +1-203-682-8338
Email: kate.messmer@icrinc.com
SOURCE Xinyuan Real Estate Co., Ltd.