China’s Kaisa offers Reuters bondholder exchange offer for existing bonds

(Reuters)-Chinese developer Kaisa Group said Thursday that it would offer bondholders the option to exchange existing bonds for new, longer-maturity bonds in order to improve financial stability and continue ups and downs. ..

A puzzled real estate developer said in a statement that it is offering at least $ 380 million, or 95% of the unpaid principal of existing bonds listed on the Singapore Exchange (OTC :). Https://www1.hkexnews.hk/listedco/ listconews / sehk / 2021/1125/2021112500037.pdf.

“If the offer for exchange and the solicitation for consent are not completed successfully, we may not be able to repay the existing bill at maturity on December 7, and may consider exercising an alternative debt restructuring,” Kaisa said. There is. “

Kaisa has the most offshore debt among Chinese developers after the China Evergrande Group, has not paid more than $ 59 million in coupons on November 11th and 12th, and has a 30-day grace period for both. There is a period.

Chinese developers have faced unprecedented liquidity pressures due to borrowing regulations, and in recent months a series of offshore defaults, credit rating downgrades and sales on some developer stocks and bonds. Is causing.