The Paper's reporter Pang Jingtao
Another housing company is seeking a debt deferral.
On November 1, the surging news from Sunshine City (000671. SZ) was informed that the company announced that it intends to exchange an offer for its 3 US dollar bonds and solicit consent for the revision of the bond contract. The move is intended to stabilize business operations by improving liquidity, avoiding debt defaults and retaining put rights.
Sunshine City said that the debt rollover is due to the severe real estate industry situation caused by the company's short-term liquidity difficulties, and the company's fundamentals and production and operation have not changed substantially. The company will do a good job in the overall resolution plan, take all necessary measures such as the sale of assets and project equity to ensure liquidity, and protect the legitimate rights and interests of creditors in accordance with the law. Preserve the principal and interest of investors.
Sunshine City admits that the company has set up a special team to ensure the orderly operation of the company's main business, while strictly controlling the budget, reducing expenditure, increasing sales, and promoting the recovery of funds, so as to safely survive the short-term liquidity crisis.
The outstanding amount of the three bonds was $747 million. According to the announcement, the minimum accepted principal amount of the offer is 85% of the issued principal, subject to the terms and conditions of the exchange offer and exit consent.
If the offer is made, bondholders will receive exchange and consent consideration, which includes $25.00 in cash for every $1,000 principal and new senior notes due 2022 with a coupon of 10.25% and a total principal amount of $1,000.00.
Sunshine City undertakes that the new senior notes acquired by bondholders will be repaid on 15 September 2022 and are expected to be listed on the Singapore Stock Exchange on or about 17 November 2021; the accrued and unpaid interest (up to but not including the delivery date) of any exchange tender offer notes validly bid by qualified holders and accepted for exchange will be paid in cash.
The Surging News noted that Sunshine City disclosed in the announcement that Lin Tengjiao, the actual controller of Sunshine City, personally guaranteed the above-mentioned new senior notes in full.
Sunshine City told the surging news that the debt extension plan added the full guarantee of the actual controller, which fully demonstrated the company's sincerity and responsibility in the debt extension invitation.
As of press time, Sunshine City reported 2.96 yuan / share, down 8.07%.
Editor-in-Charge: Liu Xiuhao
Proofreader: Luan Meng
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