CIFI Holdings

CIFI Holdings Starts Negotiating With Holders of RMB 2.12B Corporate Bond Putable May 29 ‘20 CIFI 01’ to Cancel Put Option; CIFI Bonds Down Across The Curve This Morning, March 24 

Thu 03/23/2023 23:49 PM
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CIFI Holdings has started to negotiate with holders of its RMB 2.12 billion ($309.6 million) corporate bond putable May 29 “20 CIFI 01” to cancel the put option, according to three sources familiar with the matter.

The RMB 2.12 billion bond is due May 29, 2025.

CIFI Holdings’ onshore bonds dropped across the curve this morning, March 24, with its RMB 2.12 billion corporate bond putable May 29 “20 CIFI 01” indicated about 36.5 today, down 3.3 points, and its RMB 500 million corporate bond due 2026 “22 CIFI 01” down five points to 34.

CIFI did not immediately respond to requests for comment.

CIFI Holdings’ capital structure is below:
 
CIFI Holdings
 
06/30/2022
  
EBITDA Multiple
(CNY in Millions)
Amount
US$ Amt.
Maturity
Rate
Book
 
Lease Liabilities
237.0
35.4
 
 
  
Total Lease Liabilities
237.0
35.4
  
-x
Banks and Other Loans
73,431.3
10,959.9
 
 
  
Total Bank and Other Loans
73,431.3
10,959.9
  
5.2x
21 Rongyi ABN004 Senior 1
300.0
44.8
Oct-25-2022
4.300%
  
21 Rongyi ABN004 Sub 1
1.0
0.1
Oct-25-2022
-
  
20 CIFI 02 2
1,000.0
149.3
May-28-2025
4.500%
  
20 CIFI 01 3
2,120.0
316.4
May-29-2025
3.800%
  
21 CIFI 03 4
1,875.0
279.9
Sep-14-2025
3.900%
  
20 CIFI 03 5
750.0
111.9
Oct-26-2025
4.230%
  
21 CIFI 01 6
1,448.0
216.1
Mar-12-2026
4.400%
  
22 CIFI MTN 01 7
1,000.0
149.3
Mar-14-2026
4.750%
  
22 CIFI 02 8
500.0
74.6
Jun-27-2026
5.500%
  
21 CIFI 02 9
3,000.0
447.8
Jul-21-2026
4.200%
  
Total Onshore Bonds
11,994.0
1,790.1
  
6.0x
$300 Million 5.50% Senior Notes due Jan 2023
2,010.0
300.0
Jan-23-2023
5.500%
  
CNH 1200 Million 5.85% Senior Notes due Aug 2023
1,200.0
179.1
Aug-19-2023
5.850%
  
$555 Million 6.55% Senior Notes due Mar 2024
3,718.5
555.0
Mar-28-2024
6.550%
  
$500 Million 6.45% Senior Notes due Nov 2024
3,350.0
500.0
Nov-07-2024
6.450%
  
$567 Million 6.00% Senior Notes due Jul 2025
3,798.9
567.0
Jul-16-2025
6.000%
  
$500 Million 5.95% Senior Notes due Oct 2025
3,350.0
500.0
Oct-20-2025
5.950%
  
$350 Million 5.25% Senior Notes due May 2026
2,345.0
350.0
May-13-2026
5.250%
  
$500 Million 4.45% Senior Notes due Aug 2026
3,350.0
500.0
Aug-17-2026
4.450%
  
$419 Million 4.38% Senior Notes due Apr 2027
2,807.3
419.0
Apr-12-2027
4.375%
  
$150 Million 4.80% Senior Notes due May 2028
1,005.0
150.0
May-17-2028
4.800%
  
HK$2.545 Billion 6.95% Convertible Notes due 2025 10
2,163.3
322.9
Apr-08-2025
6.950%
  
Total Offshore Bonds
29,098.0
4,343.0
  
8.0x
$300 Million 5.375% Perpetuals 11
2,010.0
300.0
 
5.375%
  
Total Perpetuals
2,010.0
300.0
  
8.2x
Total Debt
116,770.3
17,428.4
  
8.2x
Less: Cash and Equivalents
(31,139.9)
(4,647.7)
  
Net Debt
85,630.4
12,780.7
  
6.0x
Plus: Market Capitalization
16,577.2
2,474.2
  
Enterprise Value
102,207.6
15,254.9
  
7.2x
Operating Metrics
US$ Amt.
LTM Reorg EBITDA
14,287.9
2,132.5
  
 
Liquidity
Plus: Cash and Equivalents
31,139.9
4,647.7
  
Total Liquidity
31,139.9
4,647.7
  
Credit Metrics
Gross Leverage
8.2x
  
Net Leverage
6.0x
  

Notes:
Sources: Reorg, Wind, company filings
1. Guaranteed by subsidiary CIFI Group Co., Ltd.
2. by subsidiary CIFI Group Co., Ltd.
3. by subsidiary CIFI Group Co., Ltd.; Puttable on May 29, 2023
4. by subsidiary CIFI Group Co., Ltd.; Puttable on Sept. 14, 2023
5. by subsidiary CIFI Group Co., Ltd.; Puttable on Oct. 26, 2023
6. by subsidiary CIFI Group Co., Ltd.; Puttable on March 12, 2024
7. by subsidiary CIFI Group Co., Ltd.; Puttable on March 14, 2024
8. by subsidiary CIFI Group Co., Ltd.; Puttable on June 27, 2024
9. by subsidiary CIFI Group Co., Ltd.; Puttable on July 22, 2024
10. Initial conversion price HK$5.53 per share
11. next call date 2022-08-24
US$ Translation: CNY/USD rate used for USD conversion is 6.7.
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