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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