Brief: CIFI Holdings Says Latest Proposal On Holistic Solution For Offshore Liquidity Situation

CIFI Holdings (Group)

03/01/2024 08:27

Jan 3 (Reuters) - CIFI Holdings (Group) Co Ltd
 0884.HK :
    * UPDATE ON HOLISTIC SOLUTION FOR OFFSHORE LIQUIDITY
SITUATION
    * PROPOSED TO CO-ORDINATION COMMITTEE AND AHG A LATEST
PROPOSAL ON
HOLISTIC SOLUTION
    * BEEN ACTIVELY WORKING WITH FINANCIAL ADVISORS, HAITONG
INTERNATIONAL SECURITIES CO FOR SOLUTION TO ITS CURRENT OFFSHORE
LIQUIDITY ISSUE
    * PROPOSAL ADDRESSES CO'S OFFSHORE INDEBTEDNESS UNDER ITS
UNSECURED LOAN FACILITIES, US$-DENOMINATED SENIOR NOTES, ETC
    * AS OF 30 JUNE 2023, IN RELATION TO OFFSHORE DEBTS, GROUP
HAD
TOTAL ATTRIBUTABLE INTEREST-BEARING LIABILITIES OF ABOUT US$7.0
BILLION
    * SEEKS TO ADDRESS ITS AGGREGATE OFFSHORE INDEBTEDNESS UNDER
IN-
SCOPE DEBT BY DELEVERAGING CO'S CONSOLIDATED BALANCE SHEET
    * TOTAL CUMULATIVE CASH FLOW FROM GROUP'S ONSHORE
DEVELOPMENT
PROJECTS FROM 2H 2023 TO 2032 ESTIMATED TO BE ABOUT RMB104
BILLION-RMB115 BILLION
    * STILL IN NEGOTIATIONS WITH CO-ORDINATION COMMITTEE AND
AHG, NO
DEFINITIVE AGREEMENT ON TERMS OF HOLISTIC SOLUTION HAS BEEN
ENTERED
    * TOTAL CUMULATIVE CASH FLOW GENERATED FOR OFFSHORE DEBT
SERVICE
ESTIMATED TO BE ABOUT RMB30 BILLION TO RMB35 BILLION
    * PROPOSAL INCLUDED COUPON RATE OF NEW DEBT INSTRUMENTS TO
BE IN
RANGE OF 2%-4%

Source text for Eikon:  ID:nHKS7WC0Dz 
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