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Bond Market News
COGARD Said to Take A Step Towards Restructuring Offshore Debt; Greenland Gets Extension Approval
September 28, 2023
Country Garden (COGARD) is said to have taken a step towards an offshore debt restructuring plan after holding talks with Houlihan Lokey and CICC to become financial advisers, as per sources. Given that no contract has been signed, the sources note that there is no guarantee that a debt plan would emerge. The developer has $11bn in offshore bonds outstanding with a few payments due immediately. It had a dollar bond coupon of $40mn due Wednesday and an MYR 7.81mn ($1.66mn) coupon due on a Malaysian notes maturing in 2025. Both bonds have a grace periods of 30 days and 5 days respectively. COGARD’s dollar bonds are at deeply distressed levels of ~7 cents on the dollar.
Separately, defaulted developer Greenland Holdings’ proposal to extend its dollar bonds by four years was approved and passed by bondholders via an extraordinary resolution, as per an exchange filing. With the extensions, the new notes’ maturity has been extended through 2027. The developer had defaulted in November last year when it did not pay the principal on its outstanding $362mn 5.6% notes due then. At the time, it had first launched a consent solicitation to to extend maturities for its dollar notes. Greenland’s dollar bonds are at deeply distressed levels of ~8 cents on the dollar.
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