Ronshine China Holdings Limited
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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