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Bond Market News
Logan Aims to Cut Leverage After Restructuring Consent
January 15, 2024
Logan Group has aimed to cut down its leverage by $2.6bn after it got consent from some of its dollar bondholders regarding the debt restructuring proposal. In its proposal, Logan has offered a mix of cash, convertible bonds, and new long-term bonds extended by up to nine years for $6.65bn of its dollar debt. It will also offer the same terms to its controlling shareholder that loaned Logan $1.35bn during the property crisis. As of end-June 2023, Logan had a massive RMB 227bn ($32bn) in total liabilities. Logan is aiming to generate $65-75bn in revenue from onshore property sales and raise about $4-4.7bn of cash to service its debt during this restructuring time period.
Logan’s dollar bonds are trading at deeply distressed levels of ~10 cents on the dollar.
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