China Aoyuan Group
06/30/2021 |
EBITDA Multiple |
||||
---|---|---|---|---|---|
(CNY in Millions) |
Amount |
US$ Amt. |
Maturity |
Rate |
Book |
|
|||||
Bank and Other Loans |
81,515.6 |
12,540.9 |
|
|
|
Amounts due to non-controlling shareholders of subsidiaries |
4,310.7 |
663.2 |
|
|
|
Amounts due to joint ventures |
24,415.3 |
3,756.2 |
|
|
|
Amounts due to associates |
772.2 |
118.8 |
|
|
|
Total Bank and Other Loans |
111,013.8 |
17,079.1 |
9.6x |
||
20 Aochuang 2A |
730.0 |
112.3 |
May-20-2022 |
5.600% |
|
20 Aochuang 2B |
86.0 |
13.2 |
May-20-2022 |
- |
|
20 Aochuang Prime |
1,000.0 |
153.8 |
Jan-20-2022 |
6.900% |
|
20 Aochuang Sub-Prime |
120.0 |
18.5 |
Jan-20-2022 |
- |
|
21 Aochuang B |
40.0 |
6.2 |
Jul-20-2023 |
- |
|
21 Aochuang A |
710.0 |
109.2 |
Jul-20-2023 |
6.900% |
|
Total Onshore ABS |
2,686.0 |
413.2 |
9.8x |
||
2018 Aoyuan Private Corporate Bonds 01 |
- |
- |
Jul-24-2021 |
5.000% |
|
2018 Aoyuan Private Corporate Bonds 02 |
- |
- |
Jul-24-2021 |
5.000% |
|
2018 Aoyuan Private Corporate Bonds 04 |
1,500.0 |
230.8 |
Oct-11-2021 |
8.500% |
|
2019 Aoyuan Private Corporate Bonds 02 |
1,500.0 |
230.8 |
Aug-23-2023 |
6.800% |
|
20 Aoyuan 02 |
1,180.0 |
181.5 |
Aug-06-2025 |
5.650% |
|
20 Aoyuan 01 |
2,540.0 |
390.8 |
Mar-03-2025 |
5.500% |
|
21 Aoyuan 01 |
1,820.0 |
280.0 |
Jul-02-2025 |
6.800% |
|
Total Onshore Bonds |
8,540.0 |
1,313.8 |
10.5x |
||
$250 Million 5.375% Senior Notes Due 2022 |
1,625.0 |
250.0 |
Sep-13-2022 |
5.375% |
|
$188 Million 4.2% Senior Notes Due 2022 |
1,222.0 |
188.0 |
Jan-20-2022 |
4.200% |
|
$500 Million 8.5% Senior Notes Due 2022 |
3,250.0 |
500.0 |
Jan-23-2022 |
8.500% |
|
$475 Million 7.95% Senior Notes Due 2023 |
3,087.5 |
475.0 |
Feb-19-2023 |
7.950% |
|
$200 Million 7.35% Senior Notes Due 2023 |
1,300.0 |
200.0 |
Jun-21-2023 |
7.350% |
|
$460 Million 6.35% Senior Notes Due 2024 |
2,990.0 |
460.0 |
Feb-08-2024 |
6.350% |
|
$200 Million 7.95% Senior Notes Due 2024 |
1,300.0 |
200.0 |
Jun-21-2024 |
7.950% |
|
$230 Million 5.98% Senior Notes Due 2025 |
1,495.0 |
230.0 |
Aug-18-2025 |
5.980% |
|
$350 Million 6.2% Senior Notes Due 2026 |
2,275.0 |
350.0 |
Mar-24-2026 |
6.200% |
|
$350 Million 5.88% Senior Notes Due 2027 1 |
2,275.0 |
350.0 |
Mar-01-2027 |
5.880% |
|
Total Offshore Bonds |
20,819.5 |
3,203.0 |
12.3x |
||
Total Debt |
143,059.3 |
22,009.1 |
12.3x |
||
Less: Cash and Equivalents |
(70,572.8) |
(10,857.4) |
|||
Plus: Restricted Cash |
7,677.3 |
1,181.1 |
|||
Net Debt |
80,163.8 |
12,332.9 |
6.9x |
||
Operating Metrics |
US$ Amt. |
||||
LTM Reorg EBITDA |
11,587.0 |
1,782.6 |
|||
|
|||||
Liquidity |
|||||
Plus: Cash and Equivalents |
70,572.8 |
10,857.4 |
|||
Less: Restricted Cash |
(7,677.3) |
(1,181.1) |
|||
Total Liquidity |
62,895.5 |
9,676.2 |
|||
Credit Metrics |
|||||
Gross Leverage |
12.3x |
||||
Net Leverage |
6.9x |
||||
Notes:
Source: Wind, company filings, Reorg; 2021E Wind EBITDA is used. 1. Issued on February 22, 2021 Pro Forma: For Pro forma, the proceeds from the new bonds were added to cash as the exact use of proceeds for each of the bond raised remains unclear; The repayment for matured debts were subtracted from cash as the exact source of funding used to repay the debt remains unclear US$ Translation: CNY/USD rate used for USD conversion is 6.5. |
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