Logan Group has paid its $9.66mn coupon on its $280mn 6.9% bond due 2024, according to sources. Logan Group is reeling under liquidity pressures with RMB 13bn ($2.1bn) in capital-market debt maturing or turning puttable in 2022 while cash only stands at RMB 5bn ($790mn). It was downgraded during the week by all three rating agencies – Moody’s cut Logan to B2 from Ba3, S&P cut them to B- from BB- and Fitch from B+ from BB-.
Logan’s dollar bonds were trading weaker, at distressed levels of 14 cents on the dollar.
