Chinese developer Guangzhou R&F Properties said it did not have sufficient funds to buy back a $725 million bond as sales of its assets had not come through as planned.
The logo of Guangzhou-based property developer R&F Properties is pictured at a strategic cooperation signing ceremony in Beijing, China July 19, 2017. REUTERS/Jason Leesaid it did not have sufficient funds to buy back a $725 million bond as sales of its assets had not come through as planned.
R&F sought consent from bondholders of the 5.75% notes last month to extend maturity of the bond due Jan. 13 by six months, as part of efforts to "improve its overall financial condition".The developer also proposed two options under a tender offer: buying back the notes at a 17% discount, or $830 for every $1,000 in principal; or buying back at most half of bondholders' notes in full, both with accrued interest.
R&F said in the filing that 71.7% of the bondholders had tendered for the first option, while 24.2% for the second - but it expects it has "materially less" than $300 million to buy back all the bond. In the document last month, the firm said it would accept tenders of notes on a pro rata basis, and any notes not accepted for purchase would be returned to the bondholders. And holders who have tendered would be deemed to have approved the maturity extension.
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