Sunac China’s bondholders representing 75% of its offshore debt have agreed to its restructuring plan. Creditors agreeing to the terms before the deadline of 5pm HKT on April 20, will receive a 0.1% consent fee. Sunac has announced its restructuring in late March. As part of the debt restructuring, its unsecured notes’ holders would receive new bonds that mature 2-9 years from either the restructuring plan’s effective date or 30 September 2022. Sunac has the option to extend the maturity of its new shorter-dated bonds under an increased coupon rate. Bondholders will be able to swap Sunac debt into shares of Sunac Services Holdings. The restructuring will be implemented through one or more schemes of arrangement. For its secured notes’ holders, Sunac plans to reach bilateral agreements with them.
Sunac’s dollar bonds were trading flat at ~22 cents on the dollar.