China Vanke (HKG:2202, SHE:000002) is asking holders of some of its onshore medium-term notes to extend the bonds' maturity by one year, offering to repay part of the principal upfront in return, Reuters reported Tuesday.
The distressed developer has offered to repay 40% of the principal if holders of two 2 billion yuan bonds due on June 15 and July 7 push maturity forward, the report said, citing sources. The notes offer coupons of 3.07% each.
Two other corporate bonds due or puttable in July are also subject to the same proposal, Reuters reported.
The company has scheduled a meeting with bondholders on June 5 with a voting deadline of June 9.
(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.)
Comments