Thu 08/04/2022 00:58 AM
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Sino-Ocean Capital Holding Ltd., an associate company of Sino-Ocean Group, has been negotiating with holders of its RMB 1 billion ($148 million) corporate bond putable Sept. 9 “20 Sino Ocean Capital 01” to dissuade them from exercising the put, according to two sources familiar with the matter.

However, the same sources said that the company was also now contemplating proposing a one-year extension of the bond if its efforts to dissuade holders from exercising the put are not successful, said the same sources.

The onshore bond dropped about 24 points to 66 this morning, Aug. 4, on concerns over the repayment uncertainty, said the same sources. Sino-Ocean’s $400 million 4.75% notes due 2030 were also down two to three points to 23/24.5, said two buysiders.

A company spokesperson denied that the company was currently considering an extension of the bond but confrimed that it continued to negotiate with holders to persuade them not to exercise the put.

Sino-Ocean Capital announced earlier this week that it would not exercise a call option on the RMB 1 billion bond.

Sino-Ocean’s capital structure is below:


 






























































































































































































































































































































































































































































Sino-Ocean Group Holding Limited - Pro Forma as of 03/18/2022


12/31/2021

EBITDA Multiple

(CNY in Millions)

Amount

US$ Amt.

Maturity

Rate

Book


Bank and Other Loans

35,147.5

5,517.7



Total Bank and Other Loans

35,147.5

5,517.7

2.8x

22 Sino-Ocean PPN001

2,000.0

314.0

Mar-18-2025

5.320%

21 Sino-Ocean 02 1

1,950.0

306.1

Sep-27-2026

4.060%

21 Sino-Ocean ABN001 Sub

1.0

0.2

May-30-2039


21 Sino-Ocean ABN001 Senior

3,200.0

502.4

May-30-2039

4.190%

21 Sino-Ocean 01 2

2,600.0

408.2

May-12-2026

4.200%

21 Sino-Ocean PPN002

3,000.0

471.0

Feb-26-2023

4.300%

21 Sino-Ocean PPN001

3,000.0

471.0

Jan-21-2024

4.600%

20 Sino-Ocean PPN001

2,000.0

314.0

Apr-24-2023

3.350%

19 Sino-Ocean 02 3

1,200.0

188.4

Mar-20-2026

4.590%

19 Sino-Ocean 01

1,700.0

266.9

Mar-20-2024

5.500%

18 Sino-Ocean ABN001 Senior 4

2,570.0

403.5

Apr-20-2038

5.750%

18 Sino-Ocean ABN001 Sub

143.0

22.4

Apr-20-2038


18 Sino-Ocean 01

2,000.0

314.0

Aug-20-2023

4.000%

17 Sino-Ocean 01

1,000.0

157.0

Nov-21-2022

4.290%

15 Sino-Ocean 05

3,000.0

471.0

Oct-19-2025

4.760%

15 Sino-Ocean 02

1,500.0

235.5

Aug-19-2022

4.150%

15 Sino-Ocean 03

1,500.0

235.5

Aug-19-2025

5.000%

Total Onshore Bonds

32,364.0

5,080.7

5.4x

Wanhe 2B

18.0

2.8

Oct-31-2022


Wanhe 2A

334.0

52.4

Oct-31-2022

4.200%

Wanhe 1 Sub

17.0

2.7

Apr-29-2022


Wanhe 1 Senior

52.5

8.2

Apr-29-2022

3.000%

Sino-Ocean R2 Senior

1,042.0

163.6

Dec-26-2022

4.230%

Sino-Ocean R2 Sub

261.0

41.0

Dec-26-2022


Sino-Ocean R1 A1

1,601.5

251.4

Dec-13-2023

5.500%

Sino-Ocean R1 A2

1,281.2

201.1

Dec-13-2023

6.000%

Sino-Ocean R1 Sub

320.3

50.3

Dec-13-2023


Total Onshore ABS

4,927.5

773.5

5.8x

$500 Million 5.25% Senior Notes Due Apr 2022

3,185.0

500.0

Apr-30-2022

5.250%

$700 Million 6.00% Senior Notes Due Jul 2024

4,459.0

700.0

Jul-30-2024

6.000%

$520 Million 2.70% Senior Notes Due Jan 2025

3,312.4

520.0

Jan-13-2025

2.700%

$400 Million 3.25% Senior Notes Due May 2026

2,548.0

400.0

May-05-2026

3.250%

$500 Million 5.95% Senior Notes Due Feb 2027

3,185.0

500.0

Feb-04-2027

5.950%

$600 Million 4.75% Senior Notes Due Aug 2029

3,822.0

600.0

Aug-05-2029

4.750%

$400 Million 4.75% Senior Notes Due Jan 2030

2,548.0

400.0

Jan-14-2030

4.750%

Total Offshore Bonds

23,059.4

3,620.0

7.6x

Lease Liabilities

427.1

67.0



Total Lease Liabilities

427.1

67.0

7.6x

$600 Million 4.90% Perpetuals

3,822.0

600.0


4.900%

Total Perpetuals

3,822.0

600.0

7.9x

Total Debt

99,747.5

15,658.9

7.9x

Less: Cash and Equivalents

(30,353.0)

(4,765.0)

Plus: Restricted Cash

5,423.6

851.4

Net Debt

74,818.1

11,745.4

6.0x

Plus: Market Capitalization

10,518.7

1,651.3

Enterprise Value

85,336.8

13,396.7

6.8x

Operating Metrics

US$ Amt.

LTM Reorg EBITDA

12,571.5

1,973.5


Liquidity

Plus: Cash and Equivalents

30,353.0

4,765.0

Less: Restricted Cash

(5,423.6)

(851.4)

Total Liquidity

24,929.4

3,913.6

Credit Metrics

Gross Leverage

7.9x

Net Leverage

6.0x


Notes:
Source: Refinitiv, Wind, company filings, Reorg estimates; EBITDA includes capitalised interest add-back. NCI: RMB21.374 billion
1. Puttable September 27, 2024
2. Puttable May 12, 2024
3. Puttable March 20, 2024
4. Puttable July 20, 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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