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KWG Group has sought to swap at least 90% of the principal of its $650mn 6% 2022s and $250mn 5.2% 2022s with bonds maturing in January 2024, as per its exchange filing. It is also looking to exchange at least 80% of its $700mn 7.875% bonds due September 2023.
Voting ends on September 9. It also launched a consent solicitation for proposed waivers and amendments to 10 of its dollar bonds across its 2022s-2027s. KWG said that if the above consent solicitation and exchange offers do not get successfully accomplished, they “may not be able to fully repay” the notes and would have to consider an “alternative debt restructuring exercise”.
KWG’s dollar bonds due 2022 are currently trading at 31-32 cents on the dollar.