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After Shimao Group’s $11.8bn restructuring proposal last week, more details have emerged including the possible coupons on its new restructured notes, as per sources. To quickly recall, a two-class restructuring was planned via Class A and Class B plans to repay debts over 3-8 years-
While the amortizing schedule and maturities were mentioned, there were no details on the planned coupon rates of the new notes. In a latest update, sources note that:
They add that the Class A’s are to have a closer connection to onshore assets than the Class B new bonds. Another source said that the second ranking security for both classes will be over shares in the two vehicles that own its Tai Wo Ping project and two Sheraton-managed hotels and ancillary facilities in Tung Chung.