Country Garden Updates On Offshore Debt Restructuring
Reuters
11 Apr
April 11 (Reuters) - Country Garden Holdings Co Ltd <2007.HK>:: *SIGNIFICANT PROGRESS ON THE OFFSHORE DEBT- RESTRUCTURING ENTRY INTO AND INVITATION TO ACCEDE TO- RESTRUCTURING SUPPORT AGREEMENT *AGREED PRINCIPAL TERMS OF A RESTRUCTURING PROPOSAL WITH AHG *CLOSE TO FINALISE NEGOTIATIONS WITH CERTAIN MEMBERS OF COCOM *AGREED PRINCIPAL TERMS OF RESTRUCTURING PROPOSAL WITH AHG, REPRESENTING 29.9% IN AGGREGATE PRINCIPAL AMOUNT OF EXISTING BOND DEBTS *SCOPE OF PROPOSED RESTRUCTURING COVERS EXISTING DEBT WITH AN AGGREGATE OUTSTANDING PRINCIPAL AMOUNT OF APPROXIMATELY US$14,074 MILLION *CONVERSION OF SCHEME CLAIMS INTO CASH OF AN AMOUNT UP TO US$200.0 MILLION ,OTHERS *RESTRUCTURING WILL RESULT IN A SIGNIFICANT REDUCTION IN COMPANY'S CURRENT WEIGHTED AVERAGE FINANCING COST TO EITHER 1.0%, 2.0%, OR 2.5% PER ANNUM *Further company coverage: <2007.HK> * ((Reuters.Briefs@thomsonreuters.com;))
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