R&F Properties repurchased $25mn in principal of two of its outstanding dollar bonds, as per its Hong Kong exchange filing, after its major shareholders gave a $1bn loan last week. R&F said it repurchased its 9.125% 2022s and 5.875% 2023s on September 21, according to a filing on September 24. Post the repurchase bonds, the outstanding amount of the 2022s and 2023s will be $288mn and $587mn respectively. Details of the purchase price is not known. R&F said that they “maintained good liquidity after partial repurchasing the Notes. The Company may make further repurchase of the senior notes depending on market conditions.” Fitch classified the new shareholder loan as interest-free and without a maturity date saying that it has boosted their liquidity profile and it expects the funds to be used to repay outstanding dollar bonds due in January and July 2022.
R&F’s USD 11.75% 2023s are down 0.96 to 72.5 after rallying 18 points last week following news of the fundraise.
