The Board announced that the Golden Wheel Tiandi Holdings Company Limited and the Subsidiary Guarantors have entered into the purchase agreement with the initial purchasers on 6 January 2021 in relation to the issue of USD 85 million 14.25% senior notes due 2023 by the company which shall be consolidated and form a single class with the original notes by the company. Subject to certain conditions to completion, the company will issue the additional notes in the aggregate principal amount of USD 85 million. The notes will mature on 9 January 2023, unless earlier redeemed or repurchased in accordance with the terms thereof. The offering price of the additional notes will be 99.327% of the principal amount of the Additional Notes plus accrued interest from (and including) 9 January 2021 to (but excluding) 12 January 2021. The additional notes will bear interest at a rate of 14.25% per annum, payable in arrears on 9 July 2021, 10 January 2022, 9 July 2022 and 9 January 2023. The gross proceeds from the issue of the additional notes will amount to USD 84.5 million. The company intends to use the proceeds from the additional notes issue to refinance its existing indebtedness.