Wed 03/22/2023 05:44 AM
Country Garden told certain investors that it has reached a general understanding with a group of banks to refinance a $1.374 billion offshore loan due July, according to two sources familiar with the matter.
The developer has negotiated with the lenders, consisting primarily of Chinese banks, to issue new loans to replace the existing loans, the sources said, citing company sources.
A Country Garden spokesperson said the offshore loan refinancing negotiations are still ongoing.
The dual-tranche facility made in July 2019 has a four-year term, and as of January 2022, had HKD 4.3 billion ($548 million) and $826 million outstanding, respectively, totalling the equivalent of $1.374 billion, according to an
offering circular dated January 2022 for the company’s HKD 3.9 billion 4.95% convertible bonds due 2026. Bank of China (Hong Kong) is the facility agent for the term loan.
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