Zhejiang Boxin holders OK coupon change for $300 million bonds

By Wendy Van Sickle

Columbus, Ohio, Sept. 7 – Hangzhou Shangcheng District Urban Construction Investment Group Co. Ltd.’s wholly owned special purpose vehicle, Zhejiang Boxin (BVI) Ltd., said holders approved an amendment to its $300 million of senior bonds due 2023 (ISIN: XS2502241412) on Aug. 26, according to a Singapore Exchange notice.

Specifically, holders of more than 90% of the bonds approved replacing the interest rate with a rate of 3.99%, payable in a fixed amount of $19.95 per $1,000 principal amount on Jan. 28, 2023 and $19.83917 per $1,000 principal amount on July 27, 2023.

The bonds were issued with a coupon of 4½% on July 28.

Hangzhou Shangcheng District Urban Construction Investment is based in Hangzhou, China.

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