CORRECTED-UPDATE 1-China's Sino-Ocean proposes $4 bln convertible bonds in offshore debt revamp

Reuters10-29

CORRECTED-UPDATE 1-China's Sino-<a href="https://laohu8.com/S/1B6.SI">Ocean</a> proposes $4 bln convertible bonds in offshore debt revamp

Clarifies throughout the issuance is part of a debt restructuring proposal, not a new fundraising plan

Oct 29 (Reuters) - Chinese property developer Sino-Ocean Group 3377.HK said on Tuesday it planned to issue new zero-coupon, two-year mandatory convertible bonds and new interest-bearing, perpetual securities to creditors for a total value of $4.02 billion.

The state-backed company received a winding-up petition late June, filed by The Bank of New York Mellon BK.N in a Hong Kong court.

This issuance, along with new debts worth $2.2 billion, forms a part of the indebted developer's $5.64 billion offshore debt restructuring plan.

The plan, subject to creditors and courts' approval, is facing strong opposition from a key bondholder group.

Sino-Ocean was one of the Chinese property firms that defaulted on offshore bonds after the country's property sector collapsed in mid-2021.

(Reporting by Sneha Kumar and Clare Jim; Editing by Rashmi Aich and Subhranshu Sahu)

((Sneha.Kumar@thomsonreuters.com;))

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