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Peking University’s Nuoxi defaults on 4.7%, 5.35%, 4¾% bonds
By Sarah Lizee
Olympia, Wash., Dec. 30 – Nuoxi Capital Ltd. failed to make interest payments which were due on Dec. 14 on the $200 million 4.7% guaranteed bonds due 2021, the $400 million 5.35% guaranteed bonds due 2023 and the €80 million 4¾% guaranteed bonds due 2021, according to a company announcement.
The 4.7% and 5.35% notes were issued by Nuoxi Capital and guaranteed by Hongkong JHC Co., Ltd. with a keepwell deed from Peking University Founder Group Co. Ltd. Peking guarantees the 4¾% notes.
The issuer did not make a payment within the seven-day grace period.
A cross-default will be triggered by the default on other securities such as the:
• $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. 24, 2020 and will continue to be so until further notice.
The issuer is a Beijing-based technology conglomerate.
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