Central China Real Estate (CCRE) announced the results of the exchange offer for three of its dollar bonds due this year. It will accept:

  • $237.275mn in principal of its 7.25% April 2023s
  • $348.013mn in principal of its 7.65% August 2023s
  • $173.165mn in principal of its 7.9% November 2023s

Bondholders who agreed to the offer will receive the new notes on a par-to-par basis and a consent fee of $5 per $1,000 in principal. CCRE said it waived the minimal acceptance amount of 90% to accept all the tendered notes. Besides, it also gained consent from holders of a majority its outstanding bonds to pass a consent solicitation for carve out any defaults and cross-defaults. It will pay a consent fee of $2.50 per $1,000 in principal. CCRE added that it does not expect to be able to make timely repayments for the outstanding exchange notes as they mature. It will speak its bondholders to arrive at mutually agreeable arrangements.

Central China’s dollar bonds are trading at distressed levels of 20-25 cents on the dollar

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