Country Garden's every move continues to affect the nerves of the market.
Country Garden: Complete interest repayment!
On the afternoon of May 11, Country Garden Real Estate Group Co., Ltd. (hereinafter referred to as "Country Garden Real Estate") issued an announcement with the National Association of Financial Market Institutional Investors of China, announcing that the medium-term notes "23 Country Garden MTN001" and "23 Country Garden MTN002" will complete interest repayment within the grace period. Previously, at noon on May 9, Country Garden Real Estate had issued an announcement saying that due to the continuous fluctuations in the industry, the business environment faced by the company is becoming increasingly complex and severe, as of now, the company is making every effort to raise funds, due to the sales recovery is not up to expectations, the difficulty in fund allocation and other reasons, the repayable interest amount of "23 Country Garden MTN002" of 35.55 million yuan can not be paid on time on May 9, 2024, the interest payment date. Country Garden Real Estate said that through the efforts of the company and all parties, it has actively raised funds, revitalized the mortgaged assets, and tried its best to repay the interest payable on the current medium-term notes and the interest during the grace period in full within 3 working days (no later than May 13) during the grace period. According to the prospectus of "23 Country Garden MTN002", a grace period of 5 working days is set for the default of failing to repay the principal or interest of the debt financing instrument in full on time, and if the issuer repays the debt mentioned in this article in full within the time limit, it will not constitute a default of the issuer under the debt financing instrument in the current period. During the grace period, interest shall be calculated and paid according to the coupon rate increase of 30BP. According to the latest announcement of Country Garden Real Estate, through the efforts of the company and all parties, it has actively raised funds to revitalize the mortgage assets. On May 11, 2024, the company has fully transferred the interest payable on the current medium-term notes (35.55 million yuan) and the interest generated during the grace period (8278.77 yuan) to the collection account designated by the Interbank Market Clearing House Co., Ltd., and the Interbank Market Clearing House Co., Ltd. will complete the distribution of the above interest funds according to the proportion held by the holders on the interest payment registration date, and pay them to the bank account designated by the bondholders. In addition, on May 11, 2024, Country Garden Real Estate also transferred the interest payable (30.40 million yuan) and the interest during the grace period (6829.59 yuan) of the "23 Country Garden MTN001" medium-term notes in full to the collection account designated by the Interbank Market Clearing House Co., Ltd., which will complete the distribution of the above-mentioned interest funds according to the proportion held by the holders on the interest payment record date, and pay them to the bank account designated by the bondholders. According to the announcement, the issuance amount of "23 Country Garden MTN001" is 800 million yuan, the value date is May 9, 2023, the issuance period is 2 years, and the debt interest rate for the current interest-bearing period is 3.80%. The issuance amount of "23 Country Garden MTN002" is 900 million yuan, the value date is May 9, 2023, the issuance period is 2 years, and the interest rate of the debt in the interest-bearing period is 3.95%. Country Garden Real Estate said that as of the announcement date, the issuer had fully repaid all the interest payable on "23 Country Garden MTN001" and "23 Country Garden MTN002" (including the interest generated during the grace period) within the grace period. The starting date of the next interest period will be calculated from May 9, 2024, and the end date will remain unchanged.
Editor-in-charge: Ye Shuyun
Proofreading: Peng Qihua
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Country Garden: Complete interest repayment!
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