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Yincheng International Holding Co. Ltd. - Exchange Offer Update


02 MARCH 2023

Full announcement available via SGX

Further Extension of the Extended Expiration Deadline

The Company hereby announces that with immediate effect, the Extended Expiration Deadline is extended from 4:00 p.m., London Time on March 2, 2023 to 4:00 p.m., London Time on March 16, 2023 (the “Second Extended Expiration Deadline”). Correspondingly, subject to satisfaction or waiver of the conditions as set forth in the Exchange Offer Memorandum (as supplemented by the supplemental exchange offer memorandum dated March 2, 2023, the “Exchange Offer Memorandum”), settlement of the New Notes and delivery of the Exchange Consideration to Eligible Holders whose Existing Notes have been validly tendered and accepted for exchange are expected to occur on or about March 20, 2023, and listing of the New Notes on the SGX-ST is expected to occur on or about March 22, 2023.

The further extension set forth above will take the Second Extended Expiration Deadline beyond the maturity date of the Existing Notes, and if the Company does not redeem or repay amounts due and payable on the Existing Notes on the maturity date, there will be (i) an event of default under the Existing Notes (in respect of non-payment of principal) and (ii) a default under the Existing Notes (in respect of non-payment of interest). Consequently, notwithstanding anything to the contrary in the Exchange Offer Memorandum, Eligible Holders who have validly tendered their Existing Notes at or prior to the Extended Expiration Deadline may revoke their instructions by submitting a revocation instruction to the Euroclear or Clearstream, via their custodian if applicable, at or prior to 4:00 p.m. London time on March 7, 2023 (the “Revocation Deadline”). If no revocation instruction was received from such Eligible Holders via Euroclear or Clearstream at or prior to the Revocation Deadline, their instructions will remain valid and irrevocable after the Revocation Deadline.


YIncheng International Holding Co. Ltd announces an Exchange Offer

17 FEBRUARY 2023

Full announcement available via SGX


"Exchange Consideration

For each US$1,000 principal amount of outstanding Existing Notes that is validly tendered by or prior to the Exchange Expiration Deadline and accepted for exchange, an Eligible Holder will receive the Exchange Consideration consisting of: (a) US$1,000 in aggregate principal amount of the New Notes, and (b) Capitalized Interest. Any of the New Notes to be issued to any Eligible Holder in the exchange offer will be in a minimum principal amount (inclusive of Capitalized Interest) of US$200,000 and integral multiples of US$1 in excess thereof. Any fractional amounts of New Notes will be forfeited.

The New Notes will bear interest at 13.0% per annum, payable in arrears on the maturity date of the New Notes. The tenor of the New Notes will be 364 days.


Purpose of the Exchange Offer

The Company is conducting the exchange offer to improve its financial condition, extend its debt maturity profile,

strengthen its balance sheet and improve cash flow management."

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