Brief: Fantasia Holdings Proposed Restructuring Of Offshore Debts

Fantasia Holdings

13/01/2023 15:27

Jan 13 (Reuters) - Fantasia Holdings Group Co Ltd
 1777.HK :
    * PROPOSED RESTRUCTURING OF OFFSHORE DEBTS
    * PROGRESS MADE WITH NUMBER OF MAJOR HOLDERS OF US$
DENOMINATED
SENIOR NOTES IN AMOUNT OF US$4,018 MILLION ISSUED BY CO
    * PROPOSED RESTRUCTURING IS EXPECTED TO BE IMPLEMENTED BY
WAY OF
PARALLEL SCHEMES OF ARRANGEMENT IN HONG KONG AND CAYMAN ISLANDS
    * PROPOSED RESTRUCTURING IS EXPECTED TO EQUITISE US$1.3
BILLION OF
COMPANY'S TOTAL INTEREST-BEARING AND DEBT-LIKE LIABILITIES
    * AS PART OF PROPOSED RESTRUCTURING, CREDITORS WILL RECEIVE
8
SERIES OF NEW US$ DENOMINATED NOTES THAT MATURE FROM DEC 2024 TO
JUNE 2029
    * NEW NOTES WILL HAVE CASH INTEREST RATE RANGING FROM 5.0%
TO
8.0%, FOLLOWING INITIAL PAY-IN-KIND PERIODS
    * CO AND AHG INTEND TO ENTER INTO FURTHER NEGOTIATION ON
TERMS OF
OFFSHORE DEBT EQUITISATION AND PROCEDURES TO EFFECTUATE SAME
    * PROPOSED RESTRUCTURING ENVISAGES THAT 40% OF NET PROCEEDS
FROM 
DISPOSALS WILL BE APPLIED FOR CASH SWEEP OF NEW NOTES
    * PROPOSED RESTRUCTURING ALSO ENVISAGES RAISING OF NEW FUNDS
BY
COMPANY TO FUND A DEBT BUYBACK BY WAY OF OPEN OFFER
    * FOLLOWING PROPOSED RESTRUCTURING, OFFSHORE DEBT MATURITY
PROFILE
OF COMPANY WILL BE EXTENDED BY 2 TO 6.5 YEARS FROM DECEMBER 2022
    * CASH INTEREST EXPENSES OF OFFSHORE INDEBTEDNESS WILL ALSO
BE
SIGNIFICANTLY REDUCED DURING THIS TWO-YEAR PERIOD
    * TRADING IN SHARES OF COMPANY WILL REMAIN SUSPENDED UNTIL
FURTHER
NOTICE

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