Mon 04/25/2022 03:56 AM
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Ronshine China told investors that it would not be able to make its $30.6 million coupon payment due today, April 25, under its $700 million 8.75% notes due October 25 while it plans to cure the coupon payment within the 30-day grace period, according to a source familiar with the matter and a source with direct knowledge of the matter.

The company added that the Covid lock-downs in Shanghai had impacted its ability to arrange the payment for the offshore coupon payment, said the two sources.

Ronshine’s onshore subsidiary Fujian Ronshine Investment Group Co.’s RMB 716.9 million ($109.4 million) asset backed securities due April 29 traded at 63.8 today, down 2.2 points, according to two buysiders.

The company is still arranging funding for redemption of the asset backed securities, said the first source familiar with the matter and a third source familiar with the matter.

Below is Ronshine China’s capital structure:

Ronshine China Holdings Limited - Pro Forma as of 03/11/2022
 
12/31/2021
 
EBITDA Multiple
(CNY in Millions)
Amount
US$ Amt.
Maturity
Rate
Book
 
Bank and Other Borrowings
25,264.8
3,966.2
 
 
 
Total Bank and Other Borrowings
25,264.8
3,966.2
 
3.8x
19 Ronshine 01 1
1,000.0
157.0
Jul-03-2023
6.450%
 
19 Ronshine 02 1
1,150.0
180.5
Jul-03-2024
6.780%
 
20 Ronshine 01 2
1,650.0
259.0
Jul-27-2024
5.600%
 
20 Ronshine 03 3
1,300.0
204.1
Aug-19-2024
5.420%
 
19 Ronshine Investment 02 4
1,000.0
157.0
Aug-26-2024
7.700%
 
19 Ronshine Investment 08 5
500.0
78.5
Nov-28-2024
7.800%
 
21 Ronshine 01 6
1,000.0
157.0
Feb-05-2026
6.500%
 
21 Ronshine 03 7
1,000.0
157.0
Jul-06-2026
6.500%
 
Total Corporate Bonds
8,600.0
1,350.1
 
5.0x
Ronshine 02 Senior
-
-
Mar-11-2022
5.900%
 
Ronshine 02 Sub
-
-
Mar-11-2022
 
 
Ronshine 03 Senior
716.8
112.5
Apr-29-2022
5.900%
 
Ronshine 03 Sub
56.0
8.8
Apr-29-2022
 
 
Fujian Shiou 01 Senior
2,080.5
326.6
Jul-14-2038
5.200%
 
Fujian Shiou 01 Sub
100.0
15.7
Jul-14-2038
 
 
Total Onshore ABS
2,953.3
463.6
 
5.5x
$200 Million 5.50% Senior Notes Due Feb 2022
-
-
Feb-01-2022
5.500%
 
$500 Million 10.50% Senior Notes Due Mar 2022
-
-
Mar-01-2022
10.500%
 
$700 Million 8.75% Senior Notes Due Oct 2022
4,459.0
700.0
Oct-25-2022
8.750%
 
$420 Million 8.95% Senior Notes Due Jan 2023
2,643.6
415.0
Jan-22-2023
8.950%
 
$324 Million 8.10% Senior Notes Due Jun 2023
2,012.9
316.0
Jun-09-2023
8.100%
 
$410 Million 7.35% Senior Notes Due Dec 2023
2,611.7
410.0
Dec-15-2023
7.350%
 
$200 Million 6.75% Senior Notes Due Aug 2024
1,057.4
166.0
Aug-05-2024
6.750%
 
$300 Million 7.1% Senior Notes Due Jan 2025
1,595.7
250.5
Jan-25-2025
7.100%
 
Total Offshore Senior Notes
14,380.3
2,257.5
 
7.6x
Lease Liabilities
33.8
5.3
 
 
 
Total Lease Liabilities
33.8
5.3
 
7.6x
Total Debt
51,232.2
8,042.7
 
7.6x
Less: Cash and Equivalents
(16,475.9)
(2,586.5)
 
Plus: Restricted Cash
6,482.8
1,017.7
 
Net Debt
41,239.1
6,474.0
 
6.1x
Plus: Market Capitalization
3,176.8
498.7
 
Enterprise Value
44,415.9
6,972.7
 
6.6x
Operating Metrics
US$ Amt.
LTM Reorg EBITDA
6,717.4
1,054.5
 
 
Liquidity
Plus: Cash and Equivalents
16,475.9
2,586.5
 
Less: Restricted Cash
(6,482.8)
(1,017.7)
 
Total Liquidity
9,993.1
1,568.8
 
Credit Metrics
Gross Leverage
7.6x
 
Net Leverage
6.1x
 

Notes:
Sources: Refinitiv, WIND, company filings, Reorg. EBITDA includes capitalised interest add-back. NCI: RMB32.872 billion
1. Puttable July 3, 2022
2. Puttable July 27, 2022
3. Puttable August 19, 2022
4. Puttable August 26, 2022
5. Puttable November 28, 2022
6. Puttable February 5, 2023
7. Puttable July 6, 2023
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 6.37.
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