Greenland Holdings Group Co Limited
03/31/2021 |
EBITDA Multiple |
||||
---|---|---|---|---|---|
(CNY in Millions) |
Amount |
US$ Amt. |
Maturity |
Rate |
Book |
|
|||||
Bank and Other Loans |
253,615.3 |
39,077.9 |
|
|
|
Total Bank and Other Loans |
253,615.3 |
39,077.9 |
6.2x |
||
21 Greenland 02 |
1,600.0 |
246.5 |
Jan-07-2024 |
6.500% |
|
21 Greenland 01 |
1,000.0 |
154.1 |
Jan-07-2024 |
7.000% |
|
21 Guangxi Construction 01 |
1,000.0 |
154.1 |
Mar-31-2024 |
5.200% |
|
20 Guangxi Construction MTN001 |
1,000.0 |
154.1 |
Mar-18-2023 |
3.900% |
|
20 Guangxi Construction 02 |
500.0 |
77.0 |
Feb-10-2023 |
4.400% |
|
20 Guangxi Construction 01 |
1,000.0 |
154.1 |
Jan-20-2023 |
4.900% |
|
17 Guangxi Construction 01 |
1,000.0 |
154.1 |
Sep-15-2022 |
6.000% |
|
19 Guangxi Construction PPN001 |
1,000.0 |
154.1 |
Jul-05-2022 |
5.100% |
|
20 Guangxi Construction CP001 1 |
- |
- |
Apr-10-2021 |
2.980% |
|
Total Onshore Bonds |
8,100.0 |
1,248.1 |
6.4x |
||
$250 Million 7.25% Senior Notes Due 2025 |
1,622.5 |
250.0 |
Jan-22-2025 |
7.250% |
|
$600 Million 5.875% Senior Notes Due 2024 |
3,894.0 |
600.0 |
Jul-03-2024 |
5.875% |
|
$300 Million 6.75% Senior Notes Due 2024 |
1,947.0 |
300.0 |
Mar-03-2024 |
6.750% |
|
$500 Million 6.75% Senior Notes Due 2023 |
3,245.0 |
500.0 |
Sep-26-2023 |
6.750% |
|
$400 Million 6.125% Senior Notes Due 2023 |
2,596.0 |
400.0 |
Apr-22-2023 |
6.125% |
|
$300 Million 5.9% Senior Notes Due 2023 |
1,947.0 |
300.0 |
Feb-12-2023 |
5.900% |
|
$500 Million 6.25% Senior Notes Due 2022 |
3,245.0 |
500.0 |
Dec-16-2022 |
6.250% |
|
$370 Million 5.6% Senior Notes Due 2022 |
2,401.3 |
370.0 |
Nov-13-2022 |
5.600% |
|
$200 Million 5.75% Senior Notes Due 2022 |
1,298.0 |
200.0 |
Sep-26-2022 |
5.750% |
|
$500 Million 6.75% Senior Notes Due 2022 |
3,245.0 |
500.0 |
Jun-25-2022 |
6.750% |
|
$250 Million 6.75% Senior Notes Due 2022 |
1,622.5 |
250.0 |
Apr-21-2022 |
6.750% |
|
$350 Million 7.25% Senior Notes Due 2022 |
2,271.5 |
350.0 |
Mar-12-2022 |
7.250% |
|
$550 Million 5.101% Senior Notes Due 2021 |
3,569.5 |
550.0 |
Sep-26-2021 |
5.101% |
|
$300 Million 6% Senior Notes Due 2021 |
1,947.0 |
300.0 |
Jul-17-2021 |
6.000% |
|
Total Offshore Bonds |
34,851.3 |
5,370.0 |
7.2x |
||
Tibet Trust Perpetuals |
250.0 |
38.5 |
|
6.940% |
|
19 Project Construction Y2 |
500.0 |
77.0 |
|
7.000% |
|
19 Project Construction Y1 |
485.0 |
74.7 |
|
7.000% |
|
19 Guangxi Construction Y1 |
500.0 |
77.0 |
|
6.500% |
|
18 Guangxi Construction Y1 |
800.0 |
123.3 |
|
7.500% |
|
$120 Million 5.625% Perpetual Notes |
778.8 |
120.0 |
|
5.625% |
|
Total Perpetuals |
3,313.8 |
510.6 |
7.3x |
||
Total Debt |
299,880.4 |
46,206.5 |
7.3x |
||
Less: Cash and Equivalents |
(89,932.6) |
(13,857.1) |
|||
Plus: Restricted Cash |
17,237.1 |
2,655.9 |
|||
Net Debt |
227,184.9 |
35,005.4 |
5.5x |
||
Operating Metrics |
US$ Amt. |
||||
LTM Reorg EBITDA |
41,085.0 |
6,330.5 |
|||
|
|||||
Liquidity |
|||||
Plus: Cash and Equivalents |
89,932.6 |
13,857.1 |
|||
Less: Restricted Cash |
(17,237.1) |
(2,655.9) |
|||
Total Liquidity |
72,695.5 |
11,201.2 |
|||
Credit Metrics |
|||||
Gross Leverage |
7.3x |
||||
Net Leverage |
5.5x |
||||
Notes:
Source: Company filings, Reorg, Wind, Cbonds; 2021E EBITDA from WIND market consensus; Restricted Cash from 2020 Annual Report 1. Repaid upon maturity 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 6.49. |
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