KWG Group has sought to swap at least 90% of the principal of its $650mn 6% 2022s and $250mn 5.2% 2022s with bonds maturing in January 2024, as per its exchange filing. It is also looking to exchange at least 80% of its $700mn 7.875% bonds due September 2023.
- For its 6% dollar bonds due 15 September 2022, holders will receive $950 in aggregate principal, plus a $50 principal repayment in cash and $5 in cash per $1,000 in principal. No accrued interest will be paid.
- For its 5.2% dollar bonds due 21 September 2022, holders will receive $950 in aggregate principal, plus a $50 principal repayment in cash and $5 in cash per $1,000 in principal. No accrued interest will be paid.
- For its 7.875% dollar bonds due September 2023, holders will receive $1,000 in aggregate principal, plus $5 in cash and accrued interest.
Voting ends on September 9. It also launched a consent solicitation for proposed waivers and amendments to 10 of its dollar bonds across its 2022s-2027s. KWG said that if the above consent solicitation and exchange offers do not get successfully accomplished, they “may not be able to fully repay” the notes and would have to consider an “alternative debt restructuring exercise”.
KWG’s dollar bonds due 2022 are currently trading at 31-32 cents on the dollar.
