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CHINA PRESS: Country Garden Details Offshore Debt Restructuring

CHINA PRESS
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

Indebted Chinese developer Country Garden has proposed restructuring terms that aims to reduce its offshore debt by up to USD11.6 billion and extend debt maturity by a maximum of 11.5 years, Yicai.com reported citing the company statement. The restructuring would help reduce the weighted average cost of borrowing from about 6% to about 2% per year. The developer has reached an understanding with a lender group made up of seven banks which holds 48% of the company’s outstanding syndicated loans totalling USD3.6 billion. By end-2023, Country Garden's total overseas interest-bearing liabilities were about USD16.4 billion, the newspaper said.

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Indebted Chinese developer Country Garden has proposed restructuring terms that aims to reduce its offshore debt by up to USD11.6 billion and extend debt maturity by a maximum of 11.5 years, Yicai.com reported citing the company statement. The restructuring would help reduce the weighted average cost of borrowing from about 6% to about 2% per year. The developer has reached an understanding with a lender group made up of seven banks which holds 48% of the company’s outstanding syndicated loans totalling USD3.6 billion. By end-2023, Country Garden's total overseas interest-bearing liabilities were about USD16.4 billion, the newspaper said.