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China’s Kaisa offers bondholders option to exchange existing bonds with new bonds -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This photo shows Kaisa Plaza from Kaisa Group Holdings Ltd. It was taken on a cloudy morning in Beijing, China. November 5, 2021. REUTERS/Thomas Peter/File Photo

(Reuters) – Chinese developer Kaisa Group announced Thursday that it will offer bondholders the option of exchanging their bonds for new bonds with a longer maturity. This is in an effort to increase its financial stability, and to keep itself afloat.

It stated in a stock market filing that the distressed property developer was offering to exchange at least $380million of its outstanding principal notes.

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