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Bond Market News
Dr. Peng Misses Coupon on 7.55% 2022s
December 3, 2021
Shanghai-listed Chinese telecommunications company, Dr. Peng Telecom & Media Group, missed its December 1 coupon payment of $9.24mn on its 7.5% notes maturing in 2022, and is now seeking to defer its interest payments until the bonds mature. The bonds were originally set to mature on June 1 2020, but was later extended to December 1, 2021 after bondholders agreed to raise the coupon from 5.05%. Partial repayment on the principal was made on June 1 and October 1 in 2020, and maturity was again extended to December 2022, upon agreement of 5% principal amount redemption on June 1 2021 and December 1 2021.The missed coupon payment comes less than one week after the company presented investors with a proposed consent solicitation offer, where a consent fee of $10 per $1,000 in principal amount was offered to bondholders. Under the proposal, which deadline is December 15, 2021, any defaults by Dr Peng will be waived.
Dr. Peng’s 7.55% 2022s were trading stable at 60.375.
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