China Fortune Land Development
03/31/2021
|
EBITDA Multiple
|
||||
---|---|---|---|---|---|
(CNY in Millions)
|
Amount
|
US$ Amt.
|
Maturity
|
Rate
|
Book
|
|
|||||
Bank and Other Loans
|
114,173.2
|
17,646.5
|
|
|
|
Total Bank and Other Loans
|
114,173.2
|
17,646.5
|
3.8x
|
||
Onshore ABS
|
5,242.3
|
810.2
|
|
|
|
Total Onshore ABS
|
5,242.3
|
810.2
|
3.9x
|
||
17 Jiutong 01
|
1,000.0
|
154.6
|
Aug-17-2021
|
6.200%
|
|
17 Jiutong 03
|
600.0
|
92.7
|
Oct-27-2022
|
6.400%
|
|
18 Jiutong 01
|
1,090.0
|
168.5
|
Mar-12-2023
|
6.950%
|
|
18 Jiutong 02
|
1,400.0
|
216.4
|
Jun-01-2021
|
5.900%
|
|
18 Jiutong 03
|
910.0
|
140.6
|
Jun-11-2021
|
5.900%
|
|
19 Jiutong 01
|
2,000.0
|
309.1
|
Oct-31-2024
|
6.400%
|
|
19 Jiutong 03
|
1,000.0
|
154.6
|
Dec-06-2024
|
6.400%
|
|
15 Huaxia Note 05
|
4,000.0
|
618.2
|
Oct-22-2022
|
5.500%
|
|
16 Huaxia Note 01 1
|
2,800.0
|
432.8
|
Mar-08-2021
|
7.400%
|
|
16 Huaxia Note 02 1
|
2,000.0
|
309.1
|
Mar-03-2021
|
7.000%
|
|
16 Huaxia Note 04 1
|
3,000.0
|
463.7
|
Mar-24-2021
|
7.400%
|
|
16 Huaxia Note 05 1
|
2,000.0
|
309.1
|
Apr-18-2021
|
7.200%
|
|
16 Huaxia Note 06
|
4,000.0
|
618.2
|
May-12-2021
|
7.200%
|
|
16 Huaxia Debt
|
12.4
|
1.9
|
Jan-20-2023
|
6.600%
|
|
17 Xingfu MTN 01 2
|
1,800.0
|
278.2
|
May-23-2022
|
5.800%
|
|
18 Huaxia Note 01
|
2,475.0
|
382.5
|
May-30-2022
|
5.000%
|
|
18 Huaxia Note 02
|
525.0
|
81.1
|
May-30-2023
|
6.800%
|
|
18 Huaxia Note 03
|
2,000.0
|
309.1
|
Jun-20-2022
|
4.400%
|
|
18 Huaxia Note 04
|
1,300.0
|
200.9
|
Sep-10-2021
|
5.600%
|
|
18 Huaxia Note 06
|
18.0
|
2.8
|
Dec-20-2023
|
6.000%
|
|
18 Huaxia Note 07
|
4,000.0
|
618.2
|
Dec-20-2025
|
8.300%
|
|
19 Huaxia Note 01
|
1,000.0
|
154.6
|
Mar-25-2024
|
5.500%
|
|
20 Xingfu MTN 01 3
|
1,000.0
|
154.6
|
Mar-21-2025
|
5.500%
|
|
20 Xingfu MTN 02 3
|
500.0
|
77.3
|
Apr-18-2025
|
5.170%
|
|
Total Onshore Bonds
|
40,430.4
|
6,248.9
|
5.3x
|
||
$530 Million 8.625% Senior Notes Due 2021 3
|
3,429.1
|
530.0
|
Feb-28-2021
|
8.625%
|
|
$200 Million 9% Senior Notes Due 2021
|
1,294.0
|
200.0
|
Jun-21-2021
|
9.000%
|
|
$940 Million 9% Senior Notes Due 2021
|
6,081.8
|
940.0
|
Jul-31-2021
|
9.000%
|
|
$350 Million 7.125% Senior Notes Due 2022
|
2,264.5
|
350.0
|
Apr-08-2022
|
7.125%
|
|
$300 Million 6.92% Senior Notes Due 2022
|
1,941.0
|
300.0
|
Jun-16-2022
|
6.920%
|
|
$330 Million 8.75% Senior Notes Due 2022
|
2,135.1
|
330.0
|
Sep-28-2022
|
8.750%
|
|
$500 Million 6.9% Senior Notes Due 2023
|
3,235.0
|
500.0
|
Jan-13-2023
|
6.900%
|
|
$650 Million 8.6% Senior Notes Due 2024
|
4,205.5
|
650.0
|
Apr-08-2024
|
8.600%
|
|
$760 Million 8.05% Senior Notes Due 2025
|
4,917.2
|
760.0
|
Jan-13-2025
|
8.050%
|
|
Total Offshore Corporate Bonds
|
29,503.2
|
4,560.0
|
6.2x
|
||
Perpetuals
|
16,432.0
|
2,539.7
|
|
|
|
Total Perpetuals
|
16,432.0
|
2,539.7
|
6.8x
|
||
Total Debt
|
205,781.0
|
31,805.4
|
6.8x
|
||
Less: Cash and Equivalents
|
(16,824.2)
|
(2,600.3)
|
|||
Net Debt
|
188,956.8
|
29,205.1
|
6.2x
|
||
Operating Metrics
|
US$ Amt.
|
||||
LTM Reorg EBITDA
|
30,350.0
|
4,690.9
|
|||
|
|||||
Liquidity
|
|||||
Plus: Cash and Equivalents
|
16,824.2
|
2,600.3
|
|||
Total Liquidity
|
16,824.2
|
2,600.3
|
|||
Credit Metrics
|
|||||
Gross Leverage
|
6.8x
|
||||
Net Leverage
|
6.2x
|
||||
Notes: Sources: company filing, Reorg, Cbonds, Shanghai Stock Exchange, Wind; 2021E EBITDA from WIND market consensus 1. Rolled over 2. Cross default 3. Redemption default US$ Translation: CNY/USD rate used for USD conversion is 6.47. |
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