Greenland pays PIK interest on 5.9% notes due 2029, expands series

By Mary-Katherine Stinson

Lexington, Ky., Feb. 14 – Greenland Global Investment Ltd. paid $9,101,894 of in-kind interest to holders of its 5.9% notes due 2029 on Feb. 12, according to a notice.

The payment of PIK interest for the interest period from and including Aug. 12 to but excluding Feb. 12, with the subsequent increase in nominal amount of notes, brings the outstanding amount of notes to $272,924,895 from $263,823,001.

The notes are guaranteed by parent company Greenland Holding Group Co., Ltd. and were issued under its $8 billion guaranteed medium-term note program.

As previously reported on Dec. 18, the company indicated that $46,009,499, or about 15.34%, of the initial $300 million of 5.9% notes had been redeemed, leaving 87.94% outstanding. The $263,823,001 reported outstanding 5.9% notes reflected a 98.28% clearing system pool factor.

Greenland is a Shanghai-based real estate developer.

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