Greenland pays PIK interest on 6¾% notes due 2028, expands series

By William Gullotti

Buffalo, N.Y., Dec. 28 – Greenland Global Investment Ltd. paid $925,749 of in-kind interest to holders of its 6¾% notes due 2028 on Dec. 26, according to an announcement Wednesday.

The series was included in a Dec. 18 report that provided an update on redemption progress for four series of notes, each of which are guaranteed by parent company Greenland Holding Group Co., Ltd. and issued under its $8 billion guaranteed medium term note program.

As previously reported, the company indicated that $101,861,555, or approximately 20.37%, of the initial $500 million of 6¾% notes due June 2028 issued (ISIN: XS2016768439), had been redeemed leaving 79.63% outstanding. The $398,138,445 reported outstanding 6¾% notes reflected an 85.5% clearing system pool factor.

The Dec. 26 payment of PIK interest, with the subsequent increase in nominal amount of notes deemed effective Dec. 25, brings the outstanding amount of notes to $413,566,310.

Greenland is a Shanghai-based real estate developer.

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