Evergrande is said to have wired the $83.5mn coupon payment on its 8.25% 2022s that it missed last month, state-backed newspaper Securities Times said, citing local media. Evergrande had missed a September 23 deadline for the coupon payment post which a 30-day grace period ending October 23 kicked-in. Evergrande had not made any announcement regarding the bond, keeping investors on the edge.
Separately, Evergrande has gotten an extension of over three months regarding the redemption of its $260mn Jumbo Fortune Bond for which it is a guarantor, as per Reuters citing financial provider REDD. A source said that Evergrande’s Chairman Hui Ka Yan agreed to pump personal wealth into a Chinese residential project tied to the bond to ensure it gets completed, ‘paving the way for bondholders to get their dues’.
