Jan 9 (Reuters) - Country Garden Holdings Co Ltd 2007.HK:
UPDATE ON OFFSHORE DEBT RESTRUCTURING AND BUSINESS DEVELOPMENT
REACHED AN UNDERSTANDING WITH CO-ORDINATION COMMITTEE
RESTRUCTURING PROPOSAL WILL ENABLE GROUP TO ACHIEVE SIGNIFICANT DELEVERAGING, WITH A TARGETED REDUCTION OF INDEBTEDNESS UP TO USD11.6 BILLION
RESTRUCTURING PROPOSAL INCLUDES A MATURITY EXTENSION OF UP TO 11.5 YEARS AND A REDUCTION IN FUNDING COSTS
RESTRUCTURING PROPOSAL INCLUDES TARGETED DECREASE IN WEIGHTED AVERAGE BORROWING COST TO APPROXIMATELY 2% PER ANNUM POST-RESTRUCTURING
CONTROLLING SHAREHOLDER CONSIDERING CONVERTING EXISTING SHAREHOLDER LOAN, WHICH HAS AGGREGATE OUTSTANDING PRINCIPAL AMOUNT OF USD1.1 BILLION
RESTRUCTURING PROPOSAL CONTEMPLATES GIVING THE HOLDERS/LENDERS UNDER THE IN-SCOPE DEBTS 5 ECONOMIC OPTIONS - MANDATORY CONVERTIBLE BONDS, DIFFERENT NOTES AND/OR LOAN FACILITIES, OTHERS
THE RESTRUCTURING PROPOSAL ADDRESSES OFFSHORE INDEBTEDNESS UNDER THE EXISTING BOND DEBTS, THE EXISTING SYNDICATED LOAN DEBTS, OTHERS
PROPOSAL INCLUDES ECONOMIC OPTIONS TO CONVERT IN-SCOPE DEBTS INTO CASH MANDATORY CONVERTIBLE BONDS DIFFERENT NOTES AND/OR LOAN FACILITIES, OTHERS
PROPOSAL OFFERS CREDITORS STRUCTURES BETWEEN SALE OF RELEVANT IN-SCOPE DEBTS BY WAY OF A TENDER OFFER FOR CASH, PURE EQUITISATION
PROPOSAL ALSO OFFERS CREDITORS MATURITY EXTENSION AND PARTIAL EQUITISATION, AMONG OTHER OPTIONS
Further company coverage: 2007.HK
((Reuters.Briefs@thomsonreuters.com;))
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