China's Yango Group, investors agree to extend dollar bond maturities -source
BEIJING : Chinese Developer Yango Group Co Ltd has reached agreements with investors to extend the maturities on two offshore dollar bonds by one year, in its latest move to ease repayment pressures and avoid defaults.
The agreements, first reported by local media Cailianshe and confirmed by a source with knowledge of the matter, also waive cross-default clauses for the company's U.S. dollar bonds.
The extensions apply to the company's US$200 million 5.3per cent January 2022 and its US$300 million 10.25per cent March 2022 bonds.
Due to technical reasons, the company is still soliciting bondholders' approval for a payment extension on a February 2023 dollar bond putable on Friday, but the bond is not considered to be in default, the source said.
Yango last week reached agreements with investors to extend payment dates on onshore bonds and asset-backed securities, and offered to exchange some U.S. dollar bonds for new notes personally guaranteed by its chairman, as its seeks to avoid a default on debt payments.
Yango Group declined to comment.
(Reporting by Shuyan Wang in Beijing and Andrew Galbraith in Shanghai; Editing by Simon Cameron-Moore)
