Core Viewpoint - The company, R&F Properties (02777), is proposing a comprehensive restructuring plan for its domestic bondholders due to its overall operational status, which includes various options such as cash buybacks, asset swaps, and extended repayment terms [1][2] Summary by Sections Cash Buyback - The company plans to repurchase bonds in three phases at a discount of 20% of the remaining face value, with a total repurchase amount not exceeding RMB 600 million [1] Asset Swaps - The company intends to use physical assets to repay bonds, allowing bondholders to register for a debt offset value of RMB 30 for every RMB 100 of remaining bond face value, with an outstanding bond principal balance of up to RMB 6.6 billion [1] Accounts Receivable Trust Shares - The company aims to establish a trust based on RMB 300 million in receivables, allowing bondholders to register for a trust share value of RMB 30 for every RMB 100 of remaining bond face value, with an outstanding bond principal balance of up to RMB 1 billion [1] Asset Trust Shares - The company plans to set up a service trust using the rights to physical asset income, allowing bondholders to register for a trust share value of RMB 35 for every RMB 100 of remaining bond face value, with an outstanding bond principal balance of up to RMB 5.7 billion [1] Stock Economic Benefit Rights - The company proposes to issue up to 200 million shares in Hong Kong for stock economic benefit rights repayment, with the net proceeds from the stock disposal to be used for repaying bondholders [2] Full Debt Extension - If the restructuring plan is approved by all bondholders, the remaining bond principal will be extended to September 16, 2035, with semi-annual cash payments of RMB 1 starting March 16, 2031, and a reduction of interest to 1% during the extension period [2] Overall Impact - Successful implementation of the restructuring plan is expected to alleviate the company's short-term debt repayment pressure, reduce its debt ratio, optimize its debt structure, and improve its financial condition, allowing the company to focus more on its core business and enhance operational capabilities [2]
富力地产拟进行境内公司债券重组