Newland International Properties Corp. Announces Expiration of Tender Offer for 9.50% Senior Secured Notes due 2017

Nov 20, 2015, 17:00 ET from Newland International Properties, Corp.

PANAMA CITY, Nov. 20, 2015 /PRNewswire/ -- Newland International Properties, Corp. ("Newland") today announced the expiration of its previously announced tender offer (the "Offer"), to purchase for cash up to $36.0 million (the "Tender Cap") in aggregate principal amount of its outstanding 9.50% Senior Secured Notes due 2017 (the "Notes") listed in the table below on the terms and subject to the conditions set forth in the Offer to Purchase, dated October 21, 2015, as supplemented by the Supplement dated November 6, 2015 (collectively, the "Offer to Purchase"), and in the related Letter of Transmittal (the "Letter of Transmittal").  As previously announced, the expiration of the Offer was extended from 11:59 p.m. on November 18, 2015 to 5:00 p.m. of November 19, 2015.

The following outstanding principal amounts of Notes were tendered pursuant to the Offer as of 5:00 p.m., New York City time, on November 19, 2015, the expiration time for the Offer:   

CUSIP Nos.

Principal Amount Outstanding

Prior to Offer

Principal Amount Tendered and

 Accepted Pursuant to Offer

651501 AB4

$2,440,997.24

$0

P7182P AC6

$33,627,850.13

$11,039,319.81

651501 AC2

3,449,894.50

$2,319,804.82

P7182P AD4

130,399,199.38

$22,640,876.00

Newland has accepted for purchase the tendered Notes as indicated above and expects to pay for such Notes on November 23, 2015.

The Tender Agent and Information Agent for the Offer has been D.F.  King & Co., Inc.  Questions regarding the Offer should be directed to D.F.  King & Co., Inc. at (212) 269-5550 (for banks and brokers) or (800) 252-8173 (for all others). 

This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Notes. The Offer has been made only pursuant to the Offer to Purchase and Letter of Transmittal.

Safe Harbor Language

This press release, the Offer to Purchase and the documents incorporated by reference therein contain forward-looking information that is based on Newland's management's beliefs, assumptions, estimates and projections and reflect current views with respect to future events. All statements, other than statements of historical facts, included in this herein are forward-looking statements and involve significant risks and uncertainties. This information is not a guarantee of Newland's future performance and may change as a result of many possible events or factors, not all of which are known to Newland. If a change occurs, Newland's business, financial condition, liquidity and results of operations may vary materially from those expressed in Newland´s forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates, and you should carefully consider the following factors that could cause actual results to vary from Newland's financial projections, assumptions and other forward-looking statements:

  • Political, economic and other conditions in Panama and globally;
  • Natural disaster-related losses which may not be fully insurable;
  • Any loss of key personnel;
  • Transactions with related parties;
  • Newland's ability to attract and retain sales executives or real estate brokerage firms;
  • Potential non-performance of contractual obligations by Newland´s customers;
  • Newland's ability to achieve its sales targets;
  • Newland's ability to collect on its receivables and to deliver real estate products to its customers;
  • Competition in the luxury real estate development industry;
  • The loss of tax exemptions granted to the Trump Ocean Club ("TOC") and other changes in applicable tax laws;
  • Changes in interest rates or foreign exchange rates;
  • Litigation risk;
  • Availability of bank financing for TOC units based on market perception;
  • The performance of third parties with whom we do business; and
  • Various other factors that may emerge from time to time.

SOURCE Newland International Properties, Corp.