Core Viewpoint - CIFI Holdings has officially launched a comprehensive domestic bond restructuring plan involving seven domestic corporate bonds with a total principal balance of 10.06 billion RMB, following the progress of its offshore debt restructuring [1][2]. Group 1: Restructuring Options - The restructuring plan offers four options for bondholders: 1. Bond Buyback Option: CIFI plans to repurchase bonds at 18% of face value, with a cash limit of 200 million RMB, covering a maximum principal of approximately 1.1 billion RMB [1]. 2. Stock Economic Benefit Rights Option: This option allows bondholders to convert 100 RMB of bond principal into approximately 68 shares of stock, with a total expected issuance of 680 million shares [2]. 3. Asset-for-Debt Option: Bondholders can exchange bonds for trust shares valued at up to 35 RMB per 100 RMB of bond principal, with an estimated acceptance of 6 billion RMB in bonds [2]. 4. General Debt Option: This option has no upper limit on the principal and allows bondholders to convert bonds into general debt, with a maturity extension to January 18, 2034, and a reduced interest rate of 1% [2][3]. Group 2: Implications and Market Context - The restructuring reflects CIFI's commitment to resolving debt risks and improving its corporate image, which is seen as a positive step amid a recovering real estate market [3][5]. - The pace of debt restructuring among real estate companies has accelerated in 2024, with other firms like Sunac and Longfor also announcing their restructuring plans [3][5]. - Analysts note that while CIFI's restructuring options are similar to those of other companies, its cash buyback offer demonstrates significant sincerity, positioning it favorably compared to peers [4].
继境外大重组后，旭辉抛出诚意境内债券重组方案