China Builder Logan Maps Out $6 Billion Offshore Debt Plan
- Logan’s draft proposal is under discussion and may be revised
- It plans to extend debt terms to an average five years: people
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Chinese builder Logan Group Co. has briefed some creditors about a draft proposal to restructure more than $6 billion in offshore borrowings, as indebted developers seek solutions after a series of defaults.
The proposal would include public bonds plus private notes and some syndicated loans, according to people familiar with the matter. The plan would extend the average term of Logan’s debt to slightly more than five years, said one of the people, who asked not to be named as the matter is private. Logan’s dollar bonds due in the next three years are indicated at below 17 cents on the dollar, according to prices compiled by Bloomberg.