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Some Evergrande unit’s offshore bondholders have not got interest due Nov. 6, say sources -Breaking


© Reuters. FILEPHOTO: China Evergrande Group’s headquarters can be seen in Shenzhen (Guangdong Province, China) September 26, 2021. REUTERS/Aly Song

HONG KONG/SHANGHAI – Two sources familiar with the issue said that interest payments for U.S. dollars bonds held by Scenery Journey Ltd, a unit of China Evergrande Group, have yet to be received by some holders. The payment is due by Monday in Asia.

Semi-annual coupon payments were due on Saturday by the company, totalling $82.49million on 13% and 13.75% November 2020 bonds.

A 30-day grace period would have been in effect for non-payment of interest after Nov. 6. By paying prior coupons before their grace periods expired, the company narrowly avoided defaults.

For more than $148 Million in coupon payments due Oct. 11, one such window expires Wednesday, November 10, and will be reopened on Wednesday.

Evergrande spokesperson didn’t immediately reply to my request for comment. Because they weren’t authorized to address the media, these sources couldn’t be identified.

Reuters couldn’t determine whether Evergrande told bondholders about its plan to pay the Saturday coupon.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.