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Bond Market News
Logan to Swap Offshore Debt for New 7Y Notes: Sources
Logan Group released plans for debt restructuring, after it missed payments on its offshore debt in 2022. The details include swapping $3.4bn of dollar bonds with new seven-year notes to extend the repayments, as per Reuters’ sources. As per one of the sources, more than $100mn would be used to repurchase the new bonds and no haircut will be offered to bondholders. Further details of the restructuring were not available at the time of writing. The developer also announced an expected net loss of RMB 7-9bn ($1.02-1.31bn) for 2022, attributable to delays in projects and fall in sales due to the impact of Covid-19.
Logan’s dollar bonds were trading slightly higher with its 4.7%2026s at over 29 cents on the dollar.
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