SOURCE: Newland International Properties Corp.

October 14, 2013 14:51 ET

Newland International Properties Corp. Announces Successful Conclusion of Consent Solicitation

PANAMA CITY, PANAMA--(Marketwired - October 14, 2013) - Newland International Properties, Corp. (Newland), with a property based in Panama City, Panama, announced today that it has received the requisite consents with respect to its previously announced consent solicitation.

Pursuant to the consent solicitation, holders representing 80.37% of Newland's 9.5% Senior Secured Notes due 2017 (the "Notes") consented to certain amendments to Newland's indenture, dated as of July 3, 2013, between Newland and CSC Trust Company of Delaware, as trustee, pursuant to which the Notes were issued.

The amendments will enable Newland to apply a portion of the net proceeds from the sale of the Casino located in the project to its January 3, 2014 scheduled minimum amortization payment under the indenture. As previously announced, Newland expects to consummate the sale of the Casino and certain related properties to Sun International later this month. This transaction will produce cash to Newland of US$45.5 million, which, in Newland's opinion, represents full value for these properties.

In addition, the amendments will adjust certain technical and other terms that Newland and a steering committee of Note holders has agreed will facilitate Newland's ability to meet its financial and marketing targets. A notice regarding the amendments will be provided to all Note holders in accordance with the indenture. Newland expects to execute as soon as possible a first supplemental indenture to the indenture reflecting the amendments.

The amendments will enable Newland to remain on a sound financial footing as well as to maximize the value of Newland's inventory and Newland appreciates the good relations it continues to have with its Note holders.

This release does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States by Newland International Properties, Corp. will be made by means of a valid registration statement on file with U.S. Securities and Exchange Commission and a prospectus that may be obtained from Newland International Properties, Corp. and that will contain detailed information relating to Newland International Properties, Corp. Any offers and sales of securities by Newland International Properties, Corp. will be made pursuant to such registration statement and prospectus. This press release is being issued pursuant to Rule 135e under the U.S. Securities Act of 1933, as amended.

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