Chinese developer Yango Group won support from bondholders on extending the maturity of its US dollar bonds to avoid a default. Yango received an acceptance rate of 87.66%, 92.41% and 87.98% for its 5.3% 2022s, 10.25% 2022s and 10% 2023s, respectively, above the minimum of 85%. For all the three notes, bondholders may receive new notes maturing on September 15, 2022 with $25 in cash plus accrued interest for every $1,000 in principal. Yango also received consent for amending the cross-default terms of five other dollar bonds – 9.25% 2023s, 8.25% 2023s, 7.5% 2024s, 7.875% 2024s and 7.5% 2025s. Yango had initially launched the exchange offer and consent solicitation on November 10.
Yango’s dollar bonds were higher with its 7.5% 2024s up 1 point to 28.5 cents on the dollar.