Chinese property developer Kaisa announces offshore debt restructuring agreement (updated)

Kaisa group

20/08/2024 01:43

(Updates with more detail on debt restructuring)
       Aug 20 (Reuters) - China's Kaisa Group  1638.HK 
announced on Tuesday an offshore debt restructuring agreement
with a group of creditors via the issue of U.S.
dollar-denominated senior bonds and mandatory convertible bonds.
    Kaisa will issue senior notes worth an aggregate of $5
billion in five tranches and an aggregate of $4.8 billion worth
of mandatory convertible bonds in seven tranches, the property
developer said.
    Maturities on the notes and bonds range from 2027 up to
2032. Cash interest on the senior notes will be between 5% and
6.25% per year, while convertible bonds will fetch shares in the
company based on an allocation ratio.

 (Reporting by Sameer Manekar in Bengaluru; Editing by
Subhranshu Sahu)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))