Sunac China Holdings
06/30/2021 |
EBITDA Multiple |
||||
---|---|---|---|---|---|
(CNY in Millions) |
Amount |
US$ Amt. |
Maturity |
Rate |
Book |
|
|||||
Secured bank and other borrowings |
222,157.7 |
34,178.1 |
|
|
|
Unsecured bank and other borrowings |
5,909.4 |
909.1 |
|
|
|
Total Bank and Other Borrowings |
228,067.1 |
35,087.2 |
3.5x |
||
$650 Million 7.35% Senior Bonds Due 2021 |
- |
- |
Jul-19-2021 |
7.350% |
|
$600 Million 7.25% Senior Bonds Due 2022 |
3,900.0 |
600.0 |
Jun-14-2022 |
7.250% |
|
$600 Million 7.95% Senior Bonds Due 2022 |
3,900.0 |
600.0 |
Aug-08-2022 |
7.950% |
|
$450 Million 8.35% Senior Bonds Due 2023 |
4,225.0 |
650.0 |
Apr-19-2023 |
8.350% |
|
$600 Million 6.50% Senior Bonds Due 2023 |
3,900.0 |
600.0 |
Jul-09-2023 |
6.500% |
|
$750 Million 7.95% Senior Bonds Due 2023 |
4,875.0 |
750.0 |
Oct-11-2023 |
7.950% |
|
$650 Million 7.50% Senior Bonds Due 2024 |
4,225.0 |
650.0 |
Feb-01-2024 |
7.500% |
|
$600 Million 5.95% Senior Bonds Due 2024 1 |
6,123.0 |
942.0 |
Apr-26-2024 |
5.950% |
|
$500 Million 6.65% Senior Bonds Due 2024 |
4,030.0 |
620.0 |
Aug-03-2024 |
6.650% |
|
$400 Milllon 6.8% Senior Bonds Due 2024 |
2,600.0 |
400.0 |
Aug-03-2024 |
6.800% |
|
$750 Million 6.5% Senior Bonds Due 2025 |
4,875.0 |
750.0 |
Aug-03-2024 |
6.500% |
|
$400 Million 7.00% Senior Bonds Due 2025 |
3,900.0 |
600.0 |
Jul-09-2025 |
7.000% |
|
$500 Million 6.50% Senior Bonds Due 2026 1 |
3,900.0 |
600.0 |
Jan-26-2026 |
6.500% |
|
Total Offshore Notes |
50,453.0 |
7,762.0 |
4.3x |
||
16 Rong Chuang 06 |
- |
- |
Aug-16-2021 |
6.500% |
|
18 Rong Chuang 01 2 |
- |
- |
Aug-28-2021 |
6.000% |
|
18 Rong Chuang 03 |
960.0 |
147.7 |
Oct-09-2021 |
7.500% |
|
16 Rong Chuang 05 |
1,440.0 |
221.5 |
Jun-13-2022 |
7.000% |
|
16 Rong Chuang 01 |
3,511.0 |
540.2 |
Jan-22-2023 |
6.800% |
|
16 Rong Chuang 07 3 |
2,800.0 |
430.8 |
Aug-16-2023 |
4.000% |
|
20 Rong Chuang 03 4 |
1,300.0 |
200.0 |
Sep-11-2023 |
6.480% |
|
20 Rong Chuang 01 5 |
4,000.0 |
615.4 |
Apr-01-2024 |
4.780% |
|
21 Rong Chuang 01 6 |
1,580.0 |
243.1 |
Jan-19-2025 |
6.800% |
|
21 Rong Chuang 03 7 |
2,000.0 |
307.7 |
Apr-02-2025 |
7.000% |
|
20 Rong Chuang 02 8 |
3,300.0 |
507.7 |
May-27-2025 |
5.600% |
|
21 Rong Chuang 04 9 |
600.0 |
92.3 |
Jun-29-2025 |
7.000% |
|
Total Onshore Bonds |
21,491.0 |
3,306.3 |
4.7x |
||
Leases |
651.8 |
100.3 |
|
|
|
Total Leases |
651.8 |
100.3 |
4.7x |
||
Total Debt |
300,662.9 |
46,255.8 |
4.7x |
||
Less: Cash and Equivalents |
(119,539.5) |
(18,390.7) |
|||
Plus: Restricted Cash |
22,087.6 |
3,398.1 |
|||
Net Debt |
203,211.0 |
31,263.2 |
3.2x |
||
Plus: Market Capitalization |
56,467.9 |
8,687.4 |
|||
Enterprise Value |
259,678.9 |
39,950.6 |
4.0x |
||
Operating Metrics |
US$ Amt. |
||||
LTM Reported EBITDA |
64,345.6 |
9,899.3 |
|||
|
|||||
Liquidity |
|||||
Plus: Cash and Equivalents |
119,539.5 |
18,390.7 |
|||
Less: Restricted Cash |
(22,087.6) |
(3,398.1) |
|||
Total Liquidity |
97,451.9 |
14,992.6 |
|||
Credit Metrics |
|||||
Gross Leverage |
4.7x |
||||
Net Leverage |
3.2x |
||||
Notes:
Sources: Reorg, Wind, company filings; Note: RMB 46.5Bn due to JVs, assocs, RMB 42.4Bn off b/s guarantee to JVs, assocs; NCI: RMB 79.9Bn 1. Issued on January 26, 2021 2. Puttable date: 24-Jan-20222 3. Puttable date: 16 Aug-2022 4. Puttable date: 11-Sep-2022 5. Puttable date: 1-Apr-2022 6. Puttable date: 19-Jan-2023 7. Puttable date: 2-Apr-2023 8. Puttable date: 27-May-2023 9. Puttable date: 29-Jun-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 6.5. |
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