On May 11, Country Garden Real Estate Group Co., Ltd. announced that the interest repayment of "23 Country Garden MTN001" and "23 Country Garden MTN002" was completed within the grace period.
On May 9, Country Garden Real Estate issued a bond announcement, stating that due to the unsatisfactory sales recovery and difficulties in fund allocation, the current repayment funds of "23 Country Garden MTN001" and "23 Country Garden MTN002" could not be paid on time on May 9, the interest payment date. Among them, the amount of interest payable for "23 Country Garden MTN001" in the current period is 30.4 million yuan, and the amount of interest payable for "23 Country Garden MTN002" in the current period is 35.55 million yuan.
Completion Interest
According to the announcement on the completion of interest repayment within the grace period of "23 Country Garden MTN001", through the efforts of the company and all parties, it has actively raised funds to revitalize the mortgage assets. On May 11, 2024, the issuer has fully transferred the interest payable (30.4 million yuan) and the interest during the grace period (6,829.59 yuan) of the current medium-term notes to the collection account designated by the National Bank Market Clearing House Co., Ltd., which will complete the distribution of the above 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. As at the date of the announcement, the issuer has repaid all the interest payable on the first tranche of the 2023 medium-term notes of Country Garden Property Group Co., Ltd. (including the interest incurred during the grace period) in full and on time 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.
Source: Announcement
According to the announcement, the name of the "23 Country Garden MTN001" bond is the first phase of the medium-term notes of Country Garden Real Estate Group Co., Ltd. in 2023, with an issue amount of 800 million yuan, a value date of May 9, 2023, an issuance period of 2 years, a debt balance of 800 million yuan, a debt interest rate of 3.8% in the interest-bearing period, and an interest payable amount of 30.4 million yuan in the current period. The duration management agency is China Construction Bank Corporation.
According to the announcement on the completion of interest repayment within the grace period of "23 Country Garden MTN002", through the efforts of the company and all parties, it has actively raised funds to revitalize the mortgage assets. On May 11, 2024, the issuer 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 National Bank Market Clearing House Co., Ltd., which will complete the distribution of the above 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. As of the date of the announcement, the issuer has repaid the interest payable on the second tranche of the 2023 medium-term notes of Country Garden Real Estate Group Co., Ltd. in full and on time within the grace period (including the interest incurred during the grace period). The starting date of the next interest period will start from May 9, 2024, and the end date will remain unchanged.
Source: Announcement
According to the announcement, the name of the "23 Country Garden MTN002" bond is the second phase of the medium-term notes of Country Garden Real Estate Group Co., Ltd. in 2023, with a value date of May 9, 2023, an issuance period of 2 years, a debt balance of 900 million yuan, a debt interest rate of 3.95% in the interest-bearing period, and an interest payable amount of 35.55 million yuan in the current period. The duration management agency is Industrial and Commercial Bank of China Limited.
Set a grace period
On May 9, Country Garden announced that the current repayment funds of "23 Country Garden MTN002" could not be paid on time on May 9, the interest payment date, and the amount of interest payable in the current period was 35.55 million yuan. The Company endeavours 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 13 May) during the grace period.
For "23 Country Garden MTN001", on May 9, Country Garden announced that the repayment funds could not be paid on time on May 9, 2024, the interest payment date, and the amount of interest payable in the current period was 30.4 million yuan. However, through the efforts of the Company and all parties, it has actively raised funds to revitalize the collateral 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.
On May 9, the reporter learned from people close to Country Garden that according to the prospectus, the company set up a grace period for the extension of the principal or interest due, and the interest during the grace period will be calculated and paid according to the coupon rate of 30bp. The company is in full swing to raise funds.
In the announcement on the same day, Country Garden stated that if the issuer repays the debt in full within the extended grace period, it will not constitute a default of the issuer under the debt financing instrument.
Reviewer: Ren Mingjie
Editor: Wang Yin
Proofreading: Jiao Yuanyuan
Producer: Wang Zhuying
Issued by: Sun Hong