Modern Land (China) Co., Limited announced a solicitation of consents to certain proposed amendments in the Consent Solicitation Statement to: the indenture dated as of December 30, 2022 by and among the Company, the Subsidiary Guarantors and Citicorp International Limited, as trustee for
the 2023 Notes (2023 Notes Trustee); the indenture dated as of December 30, 2022 by and among the Company, the Subsidiary Guarantors and Citicorp International Limited, as trustee for the 2024 Notes (2024 Notes Trustee); the indenture dated as of December 30, 2022 by and among the Company, the Subsidiary Guarantors and Citicorp International Limited, as trustee for the 2025 Notes (2025 Notes Trustee); the indenture dated as of December 30, 2022 by and among the Company, the Subsidiary Guarantors and Citicorp International Limited, as trustee for the 2026 Notes (2026 Notes Trustee'); and the indenture dated as of December 30, 2022 by and among the Company, the Subsidiary Guarantors and Citicorp International Limited, as trustee for
the 2027 Notes (2027 Notes Trustee'' and, together with the 2023 Notes Trustee, the 2024 Notes Trustee, the 2025 Notes Trustee and the 2026 Notes Trustee, the Trustee''), respectively. As of the date of this announcement, the Company has an aggregate principal amount of $81,997,237, $186,951,320, $311,818,374, $417,850,596 and $606,651,860 of the 2023 Notes, the 2024 Notes, the 2025 Notes, the 2026 Notes and the 2027 Notes
outstanding, respectively. Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Indentures or the Consent Solicitation Statement as the case may be. The principal purpose of the Consent Solicitation and the Proposed Amendments is to obtain
the Requisite Consents (as defined below) to (a) in respect of the 2023 Notes, add a redemption option in the 2023 Notes Indenture to allow the Company to redeem all 2023 Notes with the paid-in-kind payment of the 2023 New Notes at any time after the 2023 Notes Supplemental Indenture (as defined below) has become operative, and (b) in respect of the 2024 Notes, the 2025 Notes, the 2026 Notes and the 2027 Notes, amend the interest
payment provisions and certain other provisions in each of the 2024 Indenture, the 2025 Indenture, the 2026 Indenture and the 2027 Indenture.
The Consent Solicitation will expire on December 18, 2023, unless extended or terminated by the Company. The Company is soliciting consents from holders of record (Holders') who are outside the United States and not a U.S. person (Eligible Holders) as of November 28, 2023 (Record Date) of the 2023 Notes, the 2024 Notes, the 2025 Notes, the 2026 Notes and/or the 2027 Notes to effect the Proposed Amendments. A cash payment of (i) in respect of the 2023 Notes, USD 2.0 per USD 1,000 principal amount and (ii) in respect of the 2024 Notes, the 2025 Notes, the 2026 Notes and the 2027 Notes, $0.02 per $1,000 principal amount of the relevant Series of Notes will be paid to all Holders as of the Record Date of the relevant Series of Notes upon the successful consummation of the Consent Solicitation. The Company's obligation to accept consents and pay the Consent Fee is conditioned on, among other things, there being validly delivered consents in respect of each Series of Notes from the Eligible Holders of
not less than 75% in the respective outstanding aggregate principal amount of each Series of Notes.