Sino-Ocean holders approve extension plans for seven corporate bonds

By Marisa Wong

Los Angeles, Jan. 26 – Sino-Ocean Group Holding Ltd.’s wholly owned subsidiary Sino-Ocean Holding Group (China) Ltd. announced that as of Jan. 26 holders had approved extension plans for seven corporate bonds and three asset securitization products at holders’ meetings, involving a total amount of RMB 18.266 billion.

The subsidiary held holders’ meetings from November to January for considering relevant resolutions on adjusting the principal and interest repayment arrangements for onshore open market debts.

The seven corporate bonds are the subsidiary’s

• RMB 1.5 billion outstanding H15 Sino-Ocean 3 bonds (security code: 122401.SH);

• RMB 3 billion outstanding H15 Sino-Ocean 5 bonds (security code: 122498.SH);

• RMB 1.7 billion outstanding H18 Sino-Ocean 1 bonds (security code: 143666.SH);

• RMB 1.32 billion outstanding H19 Sino-Ocean 1 bonds (security code: 155255.SH);

• RMB 1.2 billion outstanding H19 Sino-Ocean 2 bonds (security code: 155256.SH);

• RMB 2.6 billion outstanding H21 Sino-Ocean 1 bonds (security code: 188102.SH); and

• RMB 1.95 billion outstanding H21 Sino-Ocean 2 bonds (security code: 188828.SH).

In addition, the subsidiary is still actively communicating with the holders of two private debt financing instruments on the extension plans and expediting the work on supplementary voting.

Among those instruments, the due principal and interest in the amount of RMB 3.138 billion in respect of instrument “21 Sino-Ocean Holding PPN001” was not fully repaid on Jan. 21, and the procedures in relation to the holders’ meeting are currently still in progress.

The subsequent implementation of plans for corporate bonds and asset securitization products for which the extension resolutions have been passed will not be affected by the situation with the private debt.

As for the next step, the subsidiary will strictly implement relevant credit enhancement procedures in accordance with the requirements of the extension plans.

In order to ensure fair information disclosure, seven corporate bonds including ‘‘H15 Sino-Ocean 3’’ will continue to be suspended from trading on the Shanghai Stock Exchange.

The company additionally reported that it has made significant positive progress in the extension of its onshore open market debts.

The property developer is based in Hong Kong.

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