Sunac China issues PIK notes as payment on six series

By Wendy Van Sickle

Columbus, Ohio, April 2 – Sunac China Holdings Ltd. elected to pay all the interest due on March 30 on its six series of notes issued in 2023 in kind in the form of $191,793,115 of new notes.

The PIK payment increases the outstanding principal amount of the notes to a total of $5,896,430,746 from $5,704,637,631, according to a company notice.

The notes include

• $500 million of 5%/6% PIK notes due Sept. 30, 2025 (ISINs: XS2708721233, XS2708721159, XS2708721076) of which $15 million of PIK notes were issued;

• $500 million of 5¼%/6¼% PIK notes due Sept. 30, 2026 (ISINs: XS2708721589, XS2708721316, XS2708721407) of which $15,625,000 of PIK notes were issued;

• $1 billion of 5½%/6½% PIK notes due Sept. 30, 2027 (ISINs: XS2708721829, XS2708721662, XS2708721746) of which $32.5 million of PIK notes were issued;

• $1.5 billion of 5¾%/6¾% PIK notes due Sept. 30, 2028 (ISINs: XS2708722397, XS2708722041, XS2708722124) of which $50,625,000 of PIK notes were issued;

• $1.5 billion of 6%/7% PIK notes due Sept. 30, 2029 (ISINs: XS2708722637, XS2708722470, XS2708722553) of which $52.5 million of PIK notes were issued; and

• $704,637,631 of 6¼%/7¼% PIK notes due Sept. 30, 2030 (ISINs: XS2708722983, XS2708722710, XS2708722801) of which $25,543,115 of PIK notes were issued.

Sunac is a Tianjin, China-based residential and commercial property developer.

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