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Capital Circle | All conditions for Sunac China’s US$10 billion overseas debt restructuring have been met and the restructuring will take effect on November 20 – Guan


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All conditions for Sunac China’s US$10 billion overseas debt restructuring have been met and the restructuring will take effect on November 20

On November 20, Sunac China Holdings Co., Ltd. issued an announcement stating that according to Article 5.4 of the plan, the company announced that all conditions for overseas debt restructuring have been met, and the effective date of the restructuring is November 20, 2023.

According to the terms of the plan, the reorganization involves the full discharge and cancellation of the company’s existing debt by plan creditors on the effective date of the reorganization in exchange for the issuance of new notes, convertible bonds, mandatory convertible bonds and the transfer of existing Sunac Services shares.

The new notes, mandatory convertible bonds and convertible bonds are expected to be listed on SGX on November 21, 2023.

In addition, the board of directors announced that after being nominated by the creditor group, Mr. Lin Huaihan will be appointed as the company’s non-executive director with effect from November 20, 2023.

Information shows that Lam Wai-han is a fellow member of the Institute of Chartered Accountants in England and Wales and a member of the Hong Kong Institute of Certified Public Accountants. He graduated from Newcastle University in England and received a Bachelor of Arts (Honours) degree.

Regarding this restructuring, Sunac stated that the company has become the first large real estate company in the industry to complete domestic and overseas debt restructuring. “In the 18 months since the restructuring work was launched, the company has received strong support from relevant government departments. With the smooth passage of all domestic and overseas debt restructuring processes, the debt risk of approximately RMB 90 billion has been fully resolved. In the next 2-3 years , the company has no rigid debt repayment pressure in the overseas public market, which also creates strong conditions for the continued recovery of subsequent operations and the implementation of guaranteed delivery.”

Sino-Ocean Group: Reached agreement on repayment plan with bondholders such as “15 Sino-Ocean 05”

On November 20, Sino-Ocean Group Holdings Co., Ltd. announced that as of November 17, 2023, Sino-Ocean Holdings China and the bondholders of “15 Sino-Ocean 05” and “18 Sino-Ocean 01” have reached an agreement on the repayment plan.

The announcement pointed out that in order to steadily promote subsequent debt repayment-related work, the trading of these corporate bonds will continue to be suspended. During the period of suspension of trading of these corporate bonds, Sino-Ocean Holdings China will make every effort to raise funds, make debt repayment arrangements, and ensure the legitimate rights and interests of investors. “15 Yuanyang 05” and “18 Yuanyang 01” will be suspended from the start of the trading session of the Shanghai Stock Exchange on November 7, 2023.

According to previous reports by Guandian New Media, Sino-Ocean Holdings China held the fourth corporate bondholders meeting of “15 Sino-Ocean 05” from 9:00 am on October 26, 2023 to 9:00 pm on October 26, 2023. The voting result of the motion proposed above is: Since the proportion of votes in favor of motions (1) and (2) exceeded 50%, motions (1) and (2) were passed.

The matters considered at this meeting include: (1) Exemption from procedures such as notification of the fourth corporate bondholders meeting, temporary proposals, etc.; (2) Forbearance on corporate bond interest payments and provision of credit enhancement measures.

If the proposal is passed by the fourth meeting of corporate bondholders, the interest payment period for corporate bonds from October 19, 2022 to October 18, 2023 will be extended to November 17, 2023. Sino-Ocean Holdings China will pay 10% of the unpaid interest for the current period no later than November 10, 2023 (inclusive) after the resolution is passed; for the remaining 90% of the unpaid interest for the current period, Sino-Ocean Holdings China will pay no later than 2023 On November 17, 2020 (inclusive), full payment can be made in one or more ways.

If the proposal is reviewed and approved by the fourth meeting of corporate bondholders, Sino-Ocean Holdings China promises to use 5% of the equity income rights of Beijing Yuanxin Real Estate Development Co., Ltd. to provide pledge guarantee for the corporate bonds, and will issue the pledge on November 17, 2023 or Sign a legal and valid credit enhancement document contract before.

It is reported that “15 Sino-Ocean 05”, code 122498, was issued by Sino-Ocean Holdings China on October 19, 2015, with a total principal of 3 billion yuan, a term of 10 years, a bond balance of 3 billion yuan, and a current coupon rate of 4.76%. It is fixed during the period, and the original payment date is October 19, 2025.

“18 Ocean 01”, code 143666, term 5 years, current balance 2 billion yuan, current coupon rate 4.0%.

Midea Real Estate’s 6.19 billion small public offering bonds are updated to “submit for registration” and are intended to be used to repay the bond principal

On November 20, Midea Real Estate Group Co., Ltd.’s 2023 public issuance of corporate bonds to professional investors was updated to “submit for registration”.

According to Guan Guan New Media, the bond type is a small public offering, with a planned issuance of 6.19 billion yuan, a term of no more than 5 years (inclusive), and a credit rating of AAA. The acceptance date is August 15, 2023, and will be updated to “Submit Registration” on November 20. The issuer of the bonds is Midea Real Estate Group Co., Ltd., and the underwriters and managers are Shengang Securities Co., Ltd. and Guotai Junan Securities Co., Ltd.

According to the prospectus, the raised funds after deducting issuance expenses are intended to be used to repay the principal of the corporate bonds.

According to disclosures, during the reporting period, the issuer’s consolidated asset-liability ratios were 84.69%, 81.84%, 77.65% and 75.65% respectively; the asset-liability ratios after deducting advances from accounts were 43.59%, 44.69%, 44.04% and 46.26% respectively. .

As of June 30, 2023, the issuer’s interest-bearing debt balance was 35,771,139,700 yuan, of which short-term borrowings were 938,148,400 yuan, non-current liabilities due within one year were 11,208,220,300 yuan, and long-term borrowings (not due within one year) were 17,188,746,400 yuan, and bonds payable (not due within one year) are 6,436,024,600 yuan. As of the end of 2022, the company’s restricted assets totaled 24,469,026,900 yuan, and restricted assets accounted for 9.00% of total assets.

BBMG’s planned redemption rate of RMB 2 billion of ultra-short-term financing bonds is 2.35%

On November 20, Beijing BBMG Group Co., Ltd. disclosed the redemption announcement of the second phase of ultra-short-term financing bonds in 2023. 23 BBMG SCP002 will be redeemed on November 23, 2023.

Guandian New Media learned that the bond is referred to as 23 Jinyu SCP002, code 012381136.IB, with a total issuance of 2 billion yuan, an interest rate of 2.35%, a term of 245 days, a rating of AAA, and the issuance time of the bond is March 22, 2023. date and will be redeemed on November 23, 2023.

The issuer of the bonds is Beijing BBMG Co., Ltd., and the lead underwriter and bookkeeper is Industrial Bank Co., Ltd.

Beijing Urban Construction completed the issuance of 2 billion yuan of renewable bonds with an interest rate of 3.02%

On November 20, Beijing Urban Construction Group Co., Ltd. released the results of the 2023 public issuance of renewable corporate bonds (first phase) to professional investors. The group has completed the issuance of this bond, and the planned and actual issuance amount 2 billion yuan.

Guandian New Media learned that the bond’s abbreviation is “23 Urban Construction Y1”, code 240296, and the issuance interest rate is 3.02%. The bond has a repricing cycle every two interest accrual years, and the issuer’s renewal option is attached at the end of each repricing cycle. right. The lead underwriter and bookrunner is Beijing Urban Construction Group Co., Ltd., and the joint lead underwriter is CITIC Securities Co., Ltd.

Tags: Capital Circle conditions Sunac Chinas US10 billion overseas debt restructuring met restructuring effect November Guan Guan .com


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