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Asia Orient, Units to Tender $104 Million Golden Wheel Tiandi Bonds Under Debt Restructuring

MT Newswires ·  {{timeTz}}

11:07 PM EST, 01/20/2022 (MT Newswires) -- Asia Orient (HKG:0214), Asia Standard International (HKG:0129) and Asia Standard Hotel (HKG:0292) will tender their combined $104.1 million worth of Golden Wheel Tiandi (HKG:1232) bonds in exchange for new debts.

Among the debt securities being tendered by the real estate company and its subsidiaries are their holdings of $30.1 million worth of GW Tiandi's 14.25% bonds and $74 million worth of GW Tiandi's 16% bonds.

The late Thursday disclosure came days after Golden Wheel Tiandi said it received "overwhelming support" from bondholders for its proposed debt restructuring.

The restructuring is centered around three series of US dollar bonds amounting to $445 million and the plan has won approval from investors holding 85% of the total principal amount of the debt securities being restructured.

The move is part of GW Tiandi's measures to "proactively manage its exposure" to the liquidity problems in China's property sector.

Price (HKD): $0.88, Change: $-0.01, Percent Change: -1.12%

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