【Japan Himalaya League】 Author: Haixing Translator: Ranting
On May 11, CCP real estate developer Sunac issued an announcement saying that the company would not be able to make four interest payments on its U.S. dollar bonds, amounting to $100 million, as scheduled.
According to Sina Finance, Sunac said in the announcement that the company does not expect to pay the interest on four US dollar bonds as scheduled, with a combined issue size of USD2.742 billion and a total of USD104.7 million in spot interest. Among them, the notes due in October 2023 have exceeded the grace period and bondholders have not received the interest so far, which constitutes a default.
The report said that the issue size of the overdue U.S. dollar bonds was $750 million, with an annual interest rate of 7.95 percent, and the interest payable for the period was $29,478,600.
It is reported that Sunac has $7.7 billion in outstanding U.S. dollar bonds, which is the highest among CCP developers. In addition, Sunac has one RMB 4 billion bond with 10% principal due on May 15, and another RMB 1.44 billion bond maturing on June 13.
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Posted by: Ranting