Suning Appliance Group
12/31/2020
|
EBITDA Multiple
|
||||
---|---|---|---|---|---|
(CNY in Millions)
|
Amount
|
US$ Amt.
|
Maturity
|
Rate
|
Book
|
|
|||||
Holdco Level Bank & Other Borrowings
|
39,001.8
|
6,000.3
|
|
|
|
Suning Real Estate Bank & Other Borrowings
|
29,078.4
|
4,473.6
|
|
|
|
Suning.com Bank & Other Borrowings
|
34,417.1
|
5,294.9
|
|
|
|
Total Bank & Other Borrowings
|
102,497.2
|
15,768.8
|
19.3x
|
||
Suning Appliance ABS
|
12,628.0
|
1,942.8
|
Dec-21-2028
|
|
|
Suning.com ABS
|
3,380.0
|
520.0
|
Dec-21-2028
|
7.500%
|
|
Total ABS
|
16,008.0
|
2,462.8
|
22.3x
|
||
18 Suning 01 (Suning.com)
|
-
|
-
|
Apr-19-2021
|
5.200%
|
|
18 Suning 02 (Suning.com)
|
-
|
-
|
May-09-2021
|
5.500%
|
|
18 Suning 03 (Suning.com)
|
7.1
|
1.1
|
Jun-15-2023
|
5.750%
|
|
18 Suning 04 (Suning.com)
|
749.5
|
115.3
|
Jul-17-2021
|
5.700%
|
|
18 Suning 05 (Suning.com)
|
923.3
|
142.0
|
Aug-13-2021
|
5.500%
|
|
18 Suning 06 (Suning.com)
|
16.3
|
2.5
|
Nov-16-2021
|
4.700%
|
|
18 Suning 07 (Suning.com)
|
646.4
|
99.4
|
Nov-16-2023
|
4.900%
|
|
20 Suning MTN 01 (Suning.com) 1
|
500.0
|
76.9
|
Mar-13-2023
|
5.000%
|
|
16 Suning 01 2
|
-
|
-
|
Feb-02-2021
|
7.300%
|
|
16 Suning 02 3
|
2,888.0
|
444.3
|
Jun-16-2023
|
7.300%
|
|
17 Suning 01 4
|
1,142.5
|
175.8
|
Mar-20-2022
|
7.300%
|
|
17 Suning 04 5
|
360.0
|
55.4
|
Jul-14-2022
|
7.300%
|
|
17 Suning 03 5
|
500.0
|
76.9
|
Jul-14-2022
|
7.000%
|
|
17 Suning 06 5
|
500.0
|
76.9
|
Aug-21-2022
|
7.300%
|
|
18 Sudian 01
|
100.0
|
15.4
|
Sep-17-2022
|
7.500%
|
|
18 Sudian 03
|
50.0
|
7.7
|
Nov-05-2022
|
7.300%
|
|
19 Sudian 01 6
|
1,800.0
|
276.9
|
Jan-29-2023
|
7.300%
|
|
19 Sudian 03 6
|
1,553.0
|
238.9
|
May-10-2023
|
7.300%
|
|
19 Sudian 05 6
|
2,213.0
|
340.5
|
Jun-28-2023
|
7.300%
|
|
20 Sudian 01
|
1,000.0
|
153.8
|
Jun-23-2024
|
7.000%
|
|
21 Sudian 01 7
|
2,854.0
|
439.1
|
Feb-02-2023
|
7.300%
|
|
Total Onshore Bonds
|
17,803.1
|
2,738.9
|
25.6x
|
||
$600M USD 7.50% Notes Due 2021
|
3,900.0
|
600.0
|
Sep-11-2021
|
7.500%
|
|
Total Offshore Bonds
|
3,900.0
|
600.0
|
26.4x
|
||
Total Debt
|
140,208.3
|
21,570.5
|
26.4x
|
||
Less: Cash and Equivalents
|
(24,757.9)
|
(3,808.9)
|
|||
Plus: Restricted Cash
|
17,320.0
|
2,664.6
|
|||
Net Debt
|
132,770.4
|
20,426.2
|
25.0x
|
||
Operating Metrics
|
US$ Amt.
|
||||
LTM Reported EBITDA
|
5,317.0
|
818.0
|
|||
|
|||||
Liquidity
|
|||||
Plus: Cash and Equivalents
|
24,757.9
|
3,808.9
|
|||
Less: Restricted Cash
|
(17,320.0)
|
(2,664.6)
|
|||
Total Liquidity
|
7,437.9
|
1,144.3
|
|||
Credit Metrics
|
|||||
Gross Leverage
|
26.4x
|
||||
Net Leverage
|
25.0x
|
||||
Notes: Source: Wind, company filings, Reorg 1. Cross-default, CoC applicable 2. Exchanged to 21 Sudian 01, rest repaid 3. Extended for 2 years 4. Guaranteed by Zhang Jindong 5. Guaranteed by Suning Real Estate, Zhang Jindong 6. Redeemed Put 7. New Notes US$ Translation: CNY/USD rate used for USD conversion is 6.5. |
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