Market Chatter: Sunac Eyes Debt-to-Equity Swap in Onshore Debt Restructuring

MT Newswires Live11-06

Sunac Holdings (HKG:1918) is offering multiple options to its creditors in mainland China as part of efforts to reduce its 15.4-billion-yuan onshore debt by more than half, Reuters reported Tuesday, citing people with direct knowledge of the matter.

One option to be proposed is a debt-to-equity swap that would allow creditors to receive returns via an offshore trust, the news outlet said.

The debt-laden real estate firm also intends to offer sale proceeds from a piece of land, redeem existing bonds at a discount, and exchange old bonds with new ones bearing a 1% interest rate and over a 9-year tenor, according to the report.

The property developer will present the proposals to creditors as part of its second round of debt restructuring, with the details expected to be finalized by the end of November, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price (HKD): $3.08, Change: $+0.88, Percent Change: +40.00%

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