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China developer Kaisa plans to propose 1.5-yr extension for bond due Dec 7-REDD -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A photograph of the Kaisa Plaza, Kaisa Group Holdings Ltd, on November 5, 2021 in Beijing. REUTERS/Thomas Peter/File Photo

HONG KONG (Reuters). A cash-strapped Chinese property investor Kaisa Group proposes a two-year extension to its bond for $400 million, which matures on Dec. 7. Redd Financial Intelligence reported, citing two sources.

REDD stated that the plan might not include any additional credit enhancement or upfront cash.

Kaisa refused to comment.

Kaisa is the Chinese developer with the largest offshore debt, after China Evergrande Group. Kaisa missed coupon payments in excess of $59million due on November 11 and 12. There are 30-day grace periods.

Some offshore bondholders who did not receive coupon payments have tapped investment bank Moelis (NYSE:) & Co to advise them on the matter, Reuters reported on Tuesday.

Kaisa will pay the next dollar on its 6.5% dollar bond on December 7.

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