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Sino-Ocean Group Offers to Repurchase Bonds at 20% of Face Value

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Sino-Ocean Group Holding (HKG:3377) has offered to repurchase nine series of bonds previously issued by its subsidiary Beijing Sino-Ocean Group at about one-fifth of their remaining face value, according to a Tuesday filing with the Hong Kong bourse.

The property firm made the offer as part of a restructuring to buy back the debt in exchange for a haircut.

Cumulatively, the firm owes 17.79 billion yuan to the noteholders, but has capped the repurchase at 800 million yuan.

Holders have until July 27 to register for the buy-back, with payment to be made on Aug. 11.

The firm said bondholders who do not take the cash repurchase will be offered other restructuring options, including equity economic income rights or debt settlement using proceeds from residential and commercial projects.

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Sino-Ocean Group Offers to Repurchase Bonds at 20% of Face Value | FINWIRES