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Bond Market News
Sino-Ocean Seeking Coupon Extensions to Avoid Default
July 28, 2023
Sino-Ocean has sought approval from its creditors to extend coupons on three of its dollar bonds by 2 months. It launched consent solicitations for payment-extensions and related cross-default waivers. The bonds in question are its $700mn 6% 2024s, $500mn 5.95% 2027s and $600mn 4.75% 2029s where coupons are originally due on July 30, August 4 and August 5. It will pay a consent fee of 0.1% for holders agreeing to the proposed amendments. All three notes have a 14-day grace period on coupons and failure to get consent would immediately lead to entering into a debt restructuring. The deadline date for submitting consent is August 11 where they would require at least 75% support.
Whilst its dollar bonds are trading at deeply distressed levels. the developer has not yet defaulted on any of its notes. It recently came out saying that its “liquidity has not improved”, affected by weak sales and cash collections and uncertainty regarding asset disposals. Its 2024s are trading at 13 cents on the dollar while its 2027s and 2029s are at 9-10 cents on the dollar.
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