China developer Logan looks to swap $3.4 bln bonds for 7-year notes - sources

Logan

10/03/2023 05:47

BEIJING, March 10 (Reuters) - Shenzhen-based property
developer Logan Group  3380.HK  is planning to swap its $3.4
billion dollar bonds with new seven-year notes to extend the
repayments, three sources with knowledge of the matter told
Reuters.
    One of the sources said the firm has proposed no haircut to
bondholders in an offshore debt restructuring framework, and
said it would use more than $100 million to repurchase the new
bonds.
    Logan declined to comment.
    Many Chinese developers, hit by slowing sales and a cash
squeeze since the middle of 2021, have defaulted on their
offshore debt, with some now scrambling to enter into
restructuring agreements with their creditors. 
    Logan started restructuring its offshore debt last summer
after it missed some payments. It extended payment times on 12
onshore bonds last year.
    

 (Reporting by Shuyan Wang in Beijing, Steven Bian in Shanghai
and Clare Jim in Hong Kong; Editing by Sonali Paul)
 ((clare.jim@thomsonreuters.com;))