Mingfa Group (International) Company Limited announced private placement of $220,000,000 of the 15% bonds due 2021. On 10 January 2020, the Company entered into the Placing Agreement with the Placing Agent pursuant to which the Placing Agent agreed to act as the exclusive placing agent for the Company in relation to the issue by the Company and the placing on a private placement basis by the Placing Agent of the Bonds upon the terms and subject to the conditions set forth in the Placing Agreement. If the Placement takes place, the estimated net proceeds from the issue of the Bonds will amount to $220,000,000. The Bonds bear interest on the outstanding principal amount from and including the issue date at the rate of 15% per annum, payable semi-annually in arrears on 15 July 2020 and 13 January 2021. If the Company fails to pay any amount due on the due date under the conditions of the Bonds, interest shall accrue on the overdue amount from and including the initial due date to but excluding the date on which the payment of such overdue amount is made in full at a rate of 10% per annum above the rate of 15% per annum calculated on the basis of a 360-day year consisting of 12 months of 30 days each and, in the case of an incomplete month, the number of days elapsed. Unless previously redeemed or purchased and cancelled, the Bonds will be redeemed at their principal amount on 13 January 2021. The Company may at any time purchase the Bonds in the open market or otherwise at any price.