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Bond Market News
R&F Gets Consent to Extend Offshore Bond Maturities
July 12, 2022
R&F Properties won the consent of its bondholders to extend the maturities on 10 of its dollar bonds with a combined principal of $4.9bn. The developer had launched a consent solicitation in late June, to make amends on its notes like extending the maturity, changing terms of default, interest rate provisions and waiving the requirement to maintain and fund the interest reserve account. While it did not disclose details of the percentage of holders that accepted the consent, it said that the thresholds were met. It required at least 66% of the principal of each offshore bond to form a quorum and at least 75% of those who attended the meeting to vote in favor. R&F Properties will therefore swap three of its 2022s for new 6.5% 2025s, three of its 2023s for new 6.5% 2027s, and four of its 2024s for new 6.5% 2028s. Lucror Analytics notes that the new bonds will be amortizing. For details of the consent solicitation and the new bonds, click here
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