Yuzhou Group Holdings
06/30/2021
|
EBITDA Multiple
|
||||
---|---|---|---|---|---|
(CNY in Millions)
|
Amount
|
US$ Amt.
|
Maturity
|
Rate
|
Book
|
|
|||||
Bank Loans
|
14,524.5
|
2,234.5
|
|
|
|
Other Borrowings 1
|
2,221.4
|
341.8
|
|
|
|
Total Bank Loans & Other Borrowings
|
16,745.9
|
2,576.3
|
2.3x
|
||
20 Haitian 1A
|
750.0
|
115.4
|
Jul-14-2022
|
5.280%
|
|
20 Haitian 1B
|
240.0
|
36.9
|
Jul-14-2022
|
6.000%
|
|
20 Haitian 1C
|
53.0
|
8.2
|
Jul-14-2022
|
-
|
|
Total Onshore ABNs
|
1,043.0
|
160.5
|
2.5x
|
||
19 Yuzhou 01 2
|
2,000.0
|
307.7
|
Apr-03-2024
|
6.980%
|
|
19 Yuzhou 02 2
|
1,500.0
|
230.8
|
Apr-03-2024
|
7.500%
|
|
20 Yuzhou 01 3
|
1,500.0
|
230.8
|
Jul-24-2025
|
6.500%
|
|
20 Yuzhou 02 4
|
1,500.0
|
230.8
|
Sep-15-2025
|
6.500%
|
|
Total Onshore Bonds
|
6,500.0
|
1,000.0
|
3.4x
|
||
$30.5M 8.625% Senior Notes Due 2022 5
|
198.3
|
30.5
|
Jan-23-2022
|
8.625%
|
|
$74.3M 6% Senior Notes Due 2022 5
|
483.2
|
74.3
|
Jan-25-2022
|
6.000%
|
|
$100M 12% Senior Notes Due 2022
|
650.0
|
100.0
|
Jun-30-2022
|
12.000%
|
|
$115M 8.5% Senior Notes Due 2022
|
747.5
|
115.0
|
Sep-22-2022
|
8.500%
|
|
$453.4M 7.8125% Senior Notes Due 2023 6
|
2,946.8
|
453.4
|
Jan-23-2023
|
7.813%
|
|
$500M 8.5% Senior Notes Due 2023
|
3,250.0
|
500.0
|
Feb-04-2023
|
8.500%
|
|
$179M 9.95% Green Senior Notes Due 2023
|
1,163.5
|
179.0
|
Jun-08-2023
|
9.950%
|
|
$650M 6% Senior Notes Due 2023
|
4,225.0
|
650.0
|
Oct-25-2023
|
6.000%
|
|
$500M 8.5% Senior Notes Due 2024
|
3,250.0
|
500.0
|
Feb-26-2024
|
8.500%
|
|
$497M 8.375% Senior Notes Due 2024
|
3,230.5
|
497.0
|
Oct-30-2024
|
8.375%
|
|
$400M 7.700% Senior Notes Due 2025
|
2,600.0
|
400.0
|
Feb-20-2025
|
7.700%
|
|
$486M 8.3% Senior Notes Due 2025
|
3,159.0
|
486.0
|
May-27-2025
|
8.300%
|
|
$636.5M 7.375% Senior Notes Due 2026
|
4,137.3
|
636.5
|
Jan-13-2026
|
7.375%
|
|
$295M 7.875% Senior Notes Due 2026
|
1,917.5
|
295.0
|
Aug-12-2026
|
7.875%
|
|
$557M 6.35% Senior Notes Due 2027
|
3,620.5
|
557.0
|
Jan-13-2027
|
6.350%
|
|
Total Offshore Bonds
|
35,579.1
|
5,473.7
|
8.3x
|
||
$300M 5.375% Perpetual Notes 7
|
1,950.0
|
300.0
|
|
5.375%
|
|
Total Offshore Perpetuals
|
1,950.0
|
300.0
|
8.6x
|
||
Total Debt
|
61,818.0
|
9,510.5
|
8.6x
|
||
Less: Cash and Equivalents
|
(20,943.7)
|
(3,222.1)
|
|||
Net Debt
|
40,874.3
|
6,288.4
|
5.7x
|
||
Operating Metrics
|
US$ Amt.
|
||||
LTM Reorg EBITDA
|
7,173.7
|
1,103.6
|
|||
|
|||||
Liquidity
|
|||||
Plus: Cash and Equivalents
|
20,943.7
|
3,222.1
|
|||
Total Liquidity
|
20,943.7
|
3,222.1
|
|||
Credit Metrics
|
|||||
Gross Leverage
|
8.6x
|
||||
Net Leverage
|
5.7x
|
||||
Notes: Sources: Company filings, Wind, Reorg 1. Excluding onshore ABNs issued by property management subsidiary 2. Next put, reset date on Apr 6, 2022 3. Next put, reset date on July 25, 2022 4. Next put, reset date on Sep 15, 2022 5. Remaining notes that did not participate in Jan'22 exchange offer 6. New notes issued under Jan'22 exchange offer 7. Callable on Sep 29, 2022 US$ Translation: CNY/USD rate used for USD conversion is 6.5. |
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