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Bond Market News
Kaisa Announces Offshore Debt Restructuring Agreement
August 20, 2024
Chinese property developer Kaisa Group announced its offshore debt restructuring agreement with the relevant terms. As part of the restructuring, it will issue $5bn in new senior notes and $4.8bn in mandatory convertible bonds. The senior notes issuance will be done in five tranches and the convertible notes will be issued in seven tranches. The senior notes will mature during the period from 2027 through 2032, with a cash coupon between 5-6.25% per annum. The convertible bonds will naturally be converted into shares in the company based on an allocation ratio to be determined. The developer had a liquidation suit filed against them by creditors after defaulting on its bonds in 2021. The latest restructuring agreement comes ahead of a Hong Kong court hearing next month regarding its liquidation.
Kaisa’s dollar bonds are trading at distressed levels of ~4 cents on the dollar.
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