Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

China’s CIFI Holdings launched a tender offer for its $505.1mn 5.5% bonds due January 23. In an exchange statement, the developer said that the purchase price is $1,000.5 plus accrued and unpaid interest per $1,000 in principal. The deadline for the tender is January 7 and settlement is expected on January 12. It said that the tender offer is intended to proactively manage its balance sheet liabilities and optimize its debt structure. It plans to fund the offer mainly from internal cash resources.

CIFI’s USD 5.5% 2022s were flat, currently trading at 99.97 cents on the dollar.

For the exchange filing, click here

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