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Peking University’s Nuoxi will default on 4.7% and 5.35% bonds
Chicago, Aug. 3 – Kunzhi Ltd. announced that Nuoxi Capital Ltd. is not able to make the interest payment which was due on July 24 for the $200 million 4.7% guaranteed bonds due 2021 and the $400 million 5.35% guaranteed bonds due 2023.
The notes were issued by Nuoxi Capital and guaranteed by Hongkong JHC Co., Ltd. with a keepwell deed from Peking University Founder Group Co. Ltd.
The grace period expires in seven days, but the issuer is not expected to make payment.
A cross-default will be triggered by the default on other securities such as the:
• €80 million 4¾ guaranteed bonds due 2021;
• $300 million 7.45% guaranteed bonds due 2022;
• $350 million 7½% guaranteed bonds due 2022; and
• $250 million 7 7/8% guaranteed bonds due 2021.
Trading in the bonds was suspended on Feb. 21 and will continue to be so until further notice.
The issuer is a Beijing-based technology conglomerate.
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