Guangzhou R&F Properties announced the results of its tender offer via an exchange filing:

  • $519.8mn of the 2022 notes, representing about 71.69% of total aggregate principal had been validly tendered for Option A
  • $175.4mn of the 2022 notes, representing about 24.19% of total aggregate principal had been validly tendered for Option B 

Settlement has been postponed by two days owing to delays in collecting asset disposal proceeds. R&F launched the tender offer in mid-December with Option A noting that bondholders will receive $830 plus accrued interest for every $1,000 in principal and Option B noting that holders will receive $1,000 plus accrued interest, but R&F Properties will only accept 50% of the offers made. For more details on the tender offer, click here.

R&F dollar bonds were marginally lower with its 2022s trading ~40 cents on the dollar while its 2023s and 2024s are between 34-36 cents on the dollar.  

Zhongliang Holdings said it will postpone its interim semi-annual dividend of HKD 0.184/share to preserve liquidity in the current market conditions. The Chinese property developer said the payment date of the interim dividend will be changed to on or about August 31, from the initially envisaged date of January 25. It instead has repaid or bought back offshore bonds or loans with an aggregate principal amount of over $800mn majorly via internal funding since July, according to an exchange filing. Zhongliang said it has also repurchased an additional $20.4mn in principal of its 7.5% bonds due January 31, 2022 between December 22 and January 4 bringing the outstanding principal to $181.19mn. The company added that it may repurchase more notes.

Zhongliang’s 12% 2023s were down 3.4 points to 59.11 cents on the dollar.

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