Wednesday Deadline Some Evergrande Offshore Bond Holders Not Paid By Asian Time – Sources

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FILE PHOTO: The Chinese flag is seen near the logo of the China Evergrande Group at the Evergrande Center in Shanghai, China on September 24, 2021. Reuters / Collaborative Song / File Photo

September 29, 2021

HONG KONG (Reuters) – Some offshore bondholders in China’s Evergrande Group had not received interest payments until the end of Wednesday’s Asian trading hours, three people familiar with the matter told Reuters. ..

The cash-strapped company was to pay $47.5 million in bond interest on Wednesday for a 9.5% bond in March 2024. I missed paying the $83.5 million coupon last Thursday.

Evergrande’s silencing of offshore payment obligations makes global investors need to swallow the big losses at the end of the 30-day grace period for coupon payments that expire on 23 and 29 September.

Two sources said that there is no information from the company about Wednesday’s payment. The source could not be named as he was not allowed to speak to the media due to the secrecy of the matter.

An Evergrande spokesperson did not immediately comment. Reuters was unable to determine whether Evergrande had informed bondholders what it was going to do with regards to a coupon payment due on Wednesday.

(Reporting by Andrew Galbraith in Shanghai, Anshuman Daga in Singapore, Tom Arnold in London, Edited by Sumeet Chatterjee and Lewis Havens)


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