Modern Land (China) Co. Ltd.
06/30/2021 |
EBITDA Multiple |
||||
---|---|---|---|---|---|
(CNY in Millions) |
Amount |
US$ Amt. |
Maturity |
Rate |
Book |
|
|||||
Bank Loans and Other Borrowings |
18,662.4 |
2,871.1 |
|
|
|
Total Bank Loans and Other Borrowings |
18,662.4 |
2,871.1 |
5.6x |
||
20 Modern China ABN 01 1 |
- |
- |
Aug-05-2022 |
7.500% |
|
20 Modern China ABN 02 1 |
150.0 |
23.1 |
Aug-05-2022 |
8.000% |
|
20 Modern China ABN 03 1 |
100.0 |
15.4 |
Aug-05-2022 |
8.100% |
|
20 Modern China ABN Subordinated 1 |
70.0 |
10.8 |
Aug-05-2022 |
|
|
Total Onshore ABS |
320.0 |
49.2 |
5.7x |
||
19 Modern China 01 1 |
880.0 |
135.4 |
Jul-30-2022 |
7.800% |
|
Total Onshore Bonds |
880.0 |
135.4 |
6.0x |
||
$250 Million 9.8% Senior Notes due 2023 2 |
2,086.5 |
321.0 |
Apr-11-2023 |
9.800% |
|
$300 Million 12.85% Senior Notes due 2021 3 |
1,625.0 |
250.0 |
Oct-25-2021 |
12.850% |
|
$200 Million 11.80% Senior Notes due 2022 |
1,300.0 |
200.0 |
Feb-26-2022 |
11.800% |
|
$250 Million 11.50% Senior Notes due 2022 |
1,950.0 |
300.0 |
Nov-13-2022 |
11.500% |
|
$150 Million 11.95% Senior Notes due 2024 4 |
1,475.5 |
227.0 |
Mar-04-2024 |
11.950% |
|
Total Offshore Bonds |
8,437.0 |
1,298.0 |
8.6x |
||
Total Debt |
28,299.4 |
4,353.8 |
8.6x |
||
Less: Cash and Equivalents |
(17,124.6) |
(2,634.6) |
|||
Plus: Restricted Cash |
3,800.6 |
584.7 |
|||
Net Debt |
14,975.4 |
2,303.9 |
4.5x |
||
Operating Metrics |
US$ Amt. |
||||
LTM Reorg EBITDA |
3,306.7 |
508.7 |
|||
|
|||||
Liquidity |
|||||
Plus: Cash and Equivalents |
17,124.6 |
2,634.6 |
|||
Less: Restricted Cash |
(3,800.6) |
(584.7) |
|||
Total Liquidity |
13,324.0 |
2,049.8 |
|||
Credit Metrics |
|||||
Gross Leverage |
8.6x |
||||
Net Leverage |
4.5x |
||||
Notes:
Source: Company filings, Wind, Reorg; 2020 EBITDA is used; 1. by subsidiary Modern Green Development Co, Ltd. 2. Issued on Janurary 5, 2021, Tap $71 Million on February, 1, 2021 3. Tender offer for $50 Million repurchase on March 8, 2021 4. Tap $77 Million on February, 1, 2021 Pro Forma: For Pro forma, the proceeds from the new bonds were added to cash as the exact use of proceeds for each of the bond raised remains unclear; The repayment for matured debts were subtracted from cash as the exact source of funding used to repay the debt remains unclear US$ Translation: CNY/USD rate used for USD conversion is 6.5. |
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