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China’s Oceanwide now aims to settle missed coupon by Nov. 23
By Marisa Wong
Los Angeles, Aug. 23 – Oceanwide Holdings International Development III Co., Ltd. still has not made the April 30 interest payment on its 12% notes due 2021 (ISIN: XS1893891595) guaranteed by Oceanwide Holdings Co., Ltd., according to a company announcement on Monday.
The non-payment had continued for a period of more than 30 consecutive days past the due date, and in June the company said it planned to settle the unpaid interest in full by Aug. 23.
However, as of Monday, repayment has not yet been made. The guarantor now expects to settle the unpaid interest and the outstanding principal amount of notes by Nov. 23.
Oceanwide said it is still in the process of disposing of some offshore assets to improve its liquidity, and that disposal will not be able to generate cash inflow until its completion.
In addition, the Beijing-based conglomerate’s controlling shareholder, China Oceanwide Holdings Group Co., Ltd., disposed of some offshore assets to provide liquidity support to Oceanwide, but this disposal is still pending some regulatory clearance.
Consequently, repayment of the 12% notes has still not been made.
Because of the missed payment, the trustee of the notes or holders of at least 25% of the notes may, by written notice to the company, declare the principal and accrued interest on the notes to be immediately due and payable.
Oceanwide said it is in “active” discussions with holders of at least 99.9% of the notes. As of Aug. 23, it has not received any notice from the trustee or any holder with respect to exercising the acceleration right.
As of June 11, $210.2 million of the original $215 million principal amount remained outstanding.
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