China’s Kaisa offers bondholders exchange offer on existing bonds By Reuters

© Reuters. FILE PHOTO: An image reveals the Kaisa Plaza of Kaisa Group Holdings Ltd on a hazy day in Beijing, China, November 5, 2021. REUTERS/Thomas Peter/File Photo

(Reuters) – Chinese developer Kaisa Group stated on Thursday it’s providing bondholders an choice to exchange their existing bonds with new bonds having an prolonged maturity, in an try to enhance its monetary stability and proceed to remain afloat.

The embattled property developer is providing exchange for a minimum of $380 million, or 95% of the excellent principal of existing notes listed on the Singapore Exchange (OTC:), it stated in an announcement.

“If the exchange offer and consent solicitation are not successfully consummated, we may not be able to repay the existing notes upon maturity on Dec. 7, and we may consider alternative debt restructuring exercise,” Kaisa stated.

Kaisa has probably the most offshore debt of any Chinese developer after China Evergrande Group, and has not paid coupons totalling over $59 million due on Nov. 11 and 12, with 30-day grace intervals for each.

Chinese builders are dealing with an unprecedented liquidity squeeze as a consequence of regulatory curbs on borrowings, inflicting a string of offshore debt defaults, credit standing downgrades and sell-offs in some builders’ shares and bonds in current months.

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