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Bond Market News

Sino-Ocean Seeks to Defer Amortization Payments on Offshore Syndicated Loans

Sino-Ocean is seeking consent from its lenders to defer separate amortization repayments it had missed on March 31 for its offshore syndicated loans of about ~$3bn. It had earlier agreed to make one-time early payments worth 5% of the loans, in exchange for a waiver on its breach of financial covenants. After missing the payment on March 31, Sino-Ocean is now asking lenders to split the 5% into multiple payments, with the first portion to be repaid at end-April. The loans include a ~$700m club loan-facility raised in June 2022, HKD 5.53bn ($704mn) 4Y debt raised in 2021, HKD 5.84bn ($bn) 4Y financing from 2020 and ~$895mn in 4Y and 5Y borrowings signed in 2019.

Sino-Ocean’s financial stresses have pushed its bonds more than 15 points lower over the past month.

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