According to the tender offer terms, Road King Infra (01098) announced that the maximum cash amount allocated for the tender offer is USD 60 million, of which (a) USD 30 million in cash will be used to accept and purchase valid tendered 2024 notes, and (b) (i) USD 60 million and (ii) the difference between the cash amount used to purchase validly tendered 2024 notes (i.e., not exceeding USD 30 million) will be used to purchase remaining notes that are validly tendered, in each case in accordance with the terms of the tender offer. The remaining amount of USD 60 million after applying (a) and (b) will be the "Remaining Amount".

With respect to the Remaining Amount, in order to maintain fair treatment of all creditors and shareholders, the company clarifies that the Remaining Amount should constitute cash that the company may, at its discretion, use to repay or repurchase debts; the company intends to use the Remaining Amount for the benefit of its note holders; and, in particular, if the tender offer is completed and special resolutions relating to the target securities are passed, the remaining amount (up to USD 30 million) will be used to redeem the outstanding principal of the notes at that time, as follows: (i) 60% will be used to redeem the 2024 notes; and (ii) the remaining 40% will be used to redeem the remaining notes, with the amount being allocated as evenly as possible to each remaining series of notes.

After the consent solicitation is approved, the company intends to implement the redemption (subject to any notice period specified in the relevant notes) by the relevant issuer around August 15, 2024 (as determined based on the expected timetable set forth in the relevant tender offer and consent solicitation memoranda).