BRIEF : Kaisa overseas debt restructuring moves forward

1638.HK

Debt-ridden real estate developer Kaisa Group Holdings Co. Ltd. (1638.HK) announced it has entered into a support agreement with one of its overseas creditor groups that holds more than 34% of the company’s in-scope debt, as well as more than 36% of the total outstanding amount of its Rui Jing in-scope debt. The company urged other debt holders to join in supporting the restructuring agreement as soon as possible.

The restructuring agreement included the issuance of six tranches of U.S. dollar-denominated senior notes and eight tranches of U.S. dollar-denominated mandatory convertible bonds. To deleverage its balance sheet and enhance its liquidity, the company may also conduct a rights issue to raise funds.

By Lau Chi Hang

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