Minmetals Land subsidiary seeks bondholder consent on $300m bond repurchase

Expand Lead Limited launched a tender offer and consent solicitation for all outstanding $300 million 4.95% guaranteed bonds due 2026. The offer includes a repurchase price of $1,000 per $1,000 in principal amount, plus accrued interest, aiming to reduce indebtedness amid challenging market conditions. Eligible bondholders, who are non-U.S. persons residing outside the United States, are invited to tender their bonds for cash.

The offer commenced on December 17, 2025, and is set to expire at 11:00 p.m. (Hong Kong time) on January 5, 2026. The issuer also seeks bondholder approval for proposed modifications to the bonds and trust deed through an extraordinary resolution at a meeting scheduled for 11:00 a.m. (Hong Kong time) on January 8, 2026.

Minmetals Land Limited unconditionally and irrevocably guarantees the bonds. Haitong International Securities Company Limited is serving as the sole dealer manager, with Kroll Issuer Services Limited acting as the information, tender and tabulation agent. The source of funds for the repurchase is expected to be derived from the issuer’s internal resources or funding support from the parent company, China Minmetals Corporation.