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Bond Market News

Sino-Ocean to Amend Terms of Dollar Bonds Due June 2023

Sino-Ocean has launched a consent solicitation to extend the maturity and amend certain terms of its 6.25% dollar bonds due June 2023. The distressed developer has asked bondholders to agree to extend the maturity to 22 June 2029 from the current 22 June 2023. Also, it plans to lower the coupon rate to 5% and change the frequency of the coupon distribution to annual from semi-annual. Besides, a payment-in-kind (PIK) option at a rate of 6% will be added.

Sino-Ocean will be required to redeem at least over 5% of the principal amount by 22 June 2027 and 15% by 22 June 2028. Further it has asked to extend the grace period for coupons from 14 days to 45 days, for the principal payment from 7 days to 30 days and waiving any defaults. The consent solicitation expires on June 14 and Sino-Ocean requires a majority consent to pass it.

Its dollar bonds are trading at 15-20 cents on the dollar.

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