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Bond Market News
China South City Bondholders Agree to Dollar Bond Amendments
June 29, 2022
Bondholders of China South City agreed to amendment on five of its dollar bonds after it launched a consent solicitation in mid-June. It had sought to revise terms concerning “permitted bondholders” and the “change of control” on its 11.5% 2022s, 10.875% 2022s, 7.25% 2022s, 11.95% 2023s and 10.75% 2023s. This comes after Shenzhen SEZ Construction and Development Group became its controlling shareholder in early-January after a $245mn equity bailout. The company said it had obtained support from the vast majority of bondholders. Holders that agreed to the amendments will receive $0.5 for each $1,000 in principal.
China South City’s dollar bonds were trading stable at 73-77 cents on the dollar.
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