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Bond Market News
Sino-Ocean Expects Generating $2.8bn Cash Over Next Decade to Repay Restructuring Notes
October 15, 2024
Chinese property developer Sino-Ocean said that its restructuring plan was being implemented in an orderly manner. Earlier in July, it had reached an agreement with some creditors to restructure over $5.6bn of its dollar debt. The state-backed property developer has now said that it will repay its existing debt with new loans and bonds worth $2.2bn, alongside convertible bonds or perpetual notes. It added that it now expects to generate $2.8bn in cash over the next decade to repay its new financing instruments.
Sino-Ocean’s dollar bonds traded stable, albeit at deeply distressed levels of 8-10 cents on the dollar.
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