Country Garden

Holders of Country Garden’s $500M 6.15% USD Notes Due 2025 Yet to Receive Coupon Due Sept. 18

Tue 09/19/2023 23:33 PM
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Two holders of Country Garden Holdings’ $500 million 6.15% USD notes due Sept. 17, 2025 said they have not yet received the coupon payment as of this morning, Sept. 20, at 9 a.m., according to the sources.

The coupon payment - totaling $15.4 million - was due Sept. 18 as Sept. 17 was not a trading day. The payment has a 30-day grace period, according to the bond’s offering memorandum seen by Reorg.

The company previously missed two offshore coupon payments due Aug. 7, including $10.5 million on the company’s $500 million 4.2% notes due 2026 and $12 million on its $500 million 4.8% notes due 2030, but managed to pay the coupons within the 30-day grace period ended, as reported.

A Country Garden spokesperson said the company is in the process of raising funds for the coupon payment.

Below is Country Garden's capital structure:
 
Country Garden - Pro Forma as of 09/19/2023
 
06/30/2023
  
EBITDA Multiple
(CNY in Millions)
Amount
Price
Mkt. Val.
US$ Amt.
US$ Mkt. Val.
Maturity
Rate
Yield
Book
Market
 
Bank and Other Borrowings
156,176.0
 
156,176.0
21,541.5
21,541.5
 
 
 
  
Total Bank and Other Borrowings
156,176.0
  
156,176.0
21,541.5
21,541.5
  
NM
NM
Lease Liabilities
602.0
 
602.0
83.0
83.0
 
 
 
  
Total Lease Liabilities
602.0
  
602.0
83.0
83.0
  
NM
NM
Bi RE1 - Sub
171.7
 
171.7
23.7
23.7
Apr-27-2036
-
 
  
Bi RE1 - Senior
1,545.3
 
1,545.3
213.1
213.1
Apr-27-2036
5.750%
 
  
17 Feng Huang Hotel C 1
351.0
 
351.0
48.4
48.4
Jul-12-2026
-
 
  
17 Feng Huang Hotel B 1
1,991.4
 
1,991.4
274.7
274.7
Jul-12-2026
6.800%
 
  
17 Feng Huang Hotel A 1
856.4
 
856.4
118.1
118.1
Jul-12-2026
6.000%
 
  
20 Hua Bi A1 2
796.0
 
796.0
109.8
109.8
May-27-2024
4.800%
 
  
20 Hua Bi B1 2
50.0
 
50.0
6.9
6.9
May-27-2024
-
 
  
Total ABS
5,761.8
  
5,761.8
794.7
794.7
  
NM
NM
21 Guangdong Giant Leap MTN003 3
-
 
-
-
-
Aug-12-2025
4.690%
 
  
21 Guangdong Giant Leap MTN002 4
-
 
-
-
-
Jul-21-2025
4.620%
 
  
16 Guangdong Giant Leap 02 5
492.3
 
492.3
67.9
67.9
Oct-21-2026
4.500%
 
  
21 Bi Di 02 6
1,100.0
 
1,100.0
151.7
151.7
Jun-15-2027
4.800%
 
  
21 Bi Di 01 6
2,000.0
 
2,000.0
275.9
275.9
Mar-12-2027
4.800%
 
  
21 Bi Di 04 6
1,000.0
 
1,000.0
137.9
137.9
Dec-17-2026
6.300%
 
  
19 Bi Di 03 6
992.7
 
992.7
136.9
136.9
Nov-20-2026
4.980%
 
  
20 Bi Di 04 7
1,778.0
 
1,778.0
245.2
245.2
Nov-03-2026
4.150%
 
  
20 Bi Di 03 6
2,000.0
 
2,000.0
275.9
275.9
Sep-24-2026
4.380%
 
  
21 Bi Di 03 6
1,435.0
 
1,435.0
197.9
197.9
Sep-14-2026
4.330%
 
  
16 Bi Yuan 05 8
3,904.0
 
3,904.0
538.5
538.5
Sep-02-2026
5.650%
 
  
22 Country Garden MTN002 9
1,000.0
 
1,000.0
137.9
137.9
Dec-27-2025
4.300%
 
  
22 Country Garden MTN001 9
1,500.0
 
1,500.0
206.9
206.9
Sep-19-2025
3.200%
 
  
20 Bi Di 02 10
-
 
-
-
-
Jul-07-2025
4.190%
 
  
23 Country Garden MTN001 9
800.0
 
800.0
110.3
110.3
May-09-2025
3.800%
 
  
23 Country Garden MTN002 9
900.0
 
900.0
124.1
124.1
May-09-2025
3.950%
 
  
22 Bi Di 02 11
800.0
 
800.0
110.3
110.3
Dec-13-2024
4.880%
 
  
22 Bi Di 03 12
200.0
 
200.0
27.6
27.6
Dec-13-2024
4.000%
 
  
19 Bi Di 02 13
-
 
-
-
-
Aug-01-2023
4.500%
 
  
Total Onshore Bonds
19,902.0
  
19,902.0
2,745.1
2,745.1
  
NM
NM
$1 Billion 8.000% Senior Notes Due 2024 14
7,003.5
 
7,003.5
966.0
966.0
Jan-27-2024
8.000%
 
  
$550 Million 6.500% Senior Notes Due 2024 15
3,828.0
 
3,828.0
528.0
528.0
Apr-08-2024
6.500%
 
  
$750 Million 5.125% Senior Notes Due 2025 16
5,285.3
 
5,285.3
729.0
729.0
Jan-17-2025
5.125%
 
  
$544 Million 5.400% Senior Notes Due 2025 17
3,748.3
 
3,748.3
517.0
517.0
May-27-2025
5.400%
 
  
$500 Million 6.150% Senior Notes Due 2025 18
3,458.3
 
3,458.3
477.0
477.0
Sep-17-2025
6.150%
 
  
$1 Billion 3.125% Senior Notes Due 2025 19
6,394.5
 
6,394.5
882.0
882.0
Oct-22-2025
3.125%
 
  
$500 Million 4.200% Senior Notes Due 2026
3,625.0
 
3,625.0
500.0
500.0
Feb-06-2026
4.200%
 
  
$1.345 Billion 7.250% Senior Notes Due 2026
9,751.3
 
9,751.3
1,345.0
1,345.0
Apr-08-2026
7.250%
 
  
$700 Million 2.7% Senior Notes Due 2026
5,075.0
 
5,075.0
700.0
700.0
Jul-12-2026
2.700%
 
  
$324 Million 5.625% Senior Notes Due 2026
2,346.8
 
2,346.8
323.7
323.7
Dec-15-2026
5.625%
 
  
$550 Million 5.125% Senior Notes Due 2027
3,987.5
 
3,987.5
550.0
550.0
Jan-14-2027
5.125%
 
  
$450 Million 5.625% Senior Notes Due 2030
3,262.5
 
3,262.5
450.0
450.0
Jan-14-2030
5.625%
 
  
$500 Million 4.800% Senior Notes Due 2030
3,625.0
 
3,625.0
500.0
500.0
Aug-06-2030
4.800%
 
  
$500 Million 3.875% Senior Notes Due 2030
3,625.0
 
3,625.0
500.0
500.0
Oct-22-2030
3.875%
 
  
$700 Million 3.3% Senior Notes Due 2031
5,075.0
 
5,075.0
700.0
700.0
Jan-12-2031
3.300%
 
  
Total Offshore Bonds
70,091.0
  
70,091.0
9,667.7
9,667.7
  
NM
NM
THB 400 Million 4% Senior Notes Due 2023 20
82.2
 
82.2
11.3
11.3
Oct-19-2023
4.000%
 
  
THB 1.1 Billion 7.5% Senior Secured Notes Due 2024 21
221.8
 
221.8
30.6
30.6
Sep-16-2024
7.500%
 
  
THB 374.4 Million 4.75% Senior Notes Due 2024 20
76.9
 
76.9
10.6
10.6
Oct-01-2024
4.750%
 
  
THB 1 Billion 7.5% Senior Secured Notes Due 2024 20
205.4
 
205.4
28.3
28.3
Dec-17-2024
7.500%
 
  
MYR 295 Million 5.25% Senior Notes Due 2025 22
458.0
 
458.0
63.2
63.2
Mar-27-2025
5.250%
 
  
MYR 50 Million 4.9% MTN Due 2026 22
77.6
 
77.6
10.7
10.7
May-04-2026
4.900%
 
  
MYR 100 Million 5.7% Senior Notes Due 2027 23
155.2
 
155.2
21.4
21.4
Mar-02-2027
5.700%
 
  
Total Offshore MYR and THB Bonds
1,277.1
  
1,277.1
176.2
176.2
  
NM
NM
HKD 3 Billion 4.5% Convertible Bonds Due 2023 24
2,770.7
 
2,770.7
382.2
382.2
Dec-05-2023
4.500%
 
  
HKD 3.9 Billion 4.95% Convertible Bonds Due 2026 25
3,601.9
 
3,601.9
496.8
496.8
Jul-28-2026
4.950%
 
  
Total Convertible Bonds
6,372.6
  
6,372.6
879.0
879.0
  
NM
NM
Total Debt
260,182.5
  
260,182.5
35,887.2
35,887.2
  
NM
NM
Less: Cash and Equivalents
(124,905.2)
  
(124,905.2)
(17,228.3)
(17,228.3)
  
Plus: Restricted Cash
29,454.0
  
29,454.0
4,062.6
4,062.6
  
Net Debt
164,731.3
  
164,731.3
22,721.6
22,721.6
  
NM
NM
Plus: Market Capitalization
27,723.0
  
27,723.0
3,823.9
3,823.9
  
Enterprise Value
192,454.3
  
192,454.3
26,545.4
26,545.4
  
NM
NM
Operating Metrics
US$ Amt.
LTM Reorg EBITDA
(26,579.0)
(3,666.1)
  
 
Liquidity
Plus: Cash and Equivalents
124,905.2
17,228.3
  
Less: Restricted Cash
(29,454.0)
(4,062.6)
  
Total Liquidity
95,451.2
13,165.7
  
Credit Metrics
Gross Leverage
NM
  
Net Leverage
NM
  

Notes:
Sources: Reorg, company filing, Wind; NCI: CNY 99.3 Billion; Guarantees provided to JVs/ associates/ other related parties: RMB 12.5 Billion
1. by subsidiary Zengcheng Country Garden Property Development Co., Ltd.
2. by Country Garden Properties Group Co. Ltd.
3. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Repaid on Aug. 12, 2023
4. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Repaid on July 21, 2023
5. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; 3-year extension approved in Sep'23
6. Issued by Country Garden Properties Group Co. Ltd.; 3-year extension approved in Sep'23
7. Issued by Country Garden Properties Group Co. Ltd.; ; 3-year extension approved in Sep'23
8. 3-year extension approved in Sep'23
9. Issued by Country Garden Properties Group Co. Ltd.; Guaranteed by China Bond Insurance Co
10. Issued by Country Garden Properties Group Co. Ltd.; Repaid on July 7, 2023
11. Issued by Country Garden Properties Group Co. Ltd.; Supported by CDS from China Securities Finance Corp. Ltd. and China Securities Co. Ltd.; Puttable Dec. 13, 2023
12. Issued by Country Garden Properties Group Co. Ltd.; Supported by CDS from Guangdong Joint-Share Financing Guarantee Investment Co. Ltd.; Puttable Dec. 13, 2023
13. Issued by Country Garden Properties Group Co. Ltd.; Fully repaid at maturity
14. $34M repurchased in H1'23
15. $22M repurchased in H1'23
16. $21M repurchased in H1'23
17. $27M repurchased in H1'23
18. $23M repurchased in H1'23
19. $118M repurchased in H1'23
20. by subsidiary Risland (Thailand) Company Ltd.
21. by subsidiary Risland (Thailand) Company Ltd.; THB 120M redeemed in Sep'23
22. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha)
23. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); The MYR sukuks and THB bonds are guaranteed by Country Garden Holdings Co. Ltd.
24. Issued by Smart Insight International Ltd.; The convertible bonds are guaranteed by Country Garden Holdings Co. Ltd. and certain subsidiaries of the Group
25. Issued by Smart Insight International Ltd. on Jan. 28, 2022; Puttable Jan. 28, 2024; The convertible bonds are guaranteed by Country Garden Holdings Co. Ltd. and certain subsidiaries of the Group
US$ Translation: CNY/USD rate used for USD conversion is 7.25.
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