Hengda Real Estate Group Company Limited, a subsidiary of Evergrande Group, has managed to postpone the put date of one of its corporate bonds from 08/01/2022 to 08/07/2022.
Relevant bond is listed in Shenzhen Stock Exchange, with local code of 149021. Its issue date is 07/01/2020, with interest commencement date of 08/01/2020. Its maturity date is 08/01/2023. Issue amount is CNY 4.5 bn.
According to terms specified in offering document, at 2nd anniversary of interest commencement date, issuer has the right to adjust the coupon rate of last year, and bondholders can exercise put option on that day. Hengda Real Estate has decided to keep the coupon rate unchanged as 6.98%.
The put date is 08/01/2022. In order to alleviate repayment burden, Hengda convened bondholders’ meeting on 05/01/2022 and proposed that the put date would be postponed from 08/01/2022 to 08/07/2022.
According to resolution of bondholders’ meeting, this proposal has been approved and the put date of Hengda Real Estate Group Company Limited 2020-1 Corporate Bond will change to be 08/07/2022.
Evergrande has been in debt trouble and it is struggling to postpone the repayment of its debt instruments.