Sino-Ocean Seeks Coupon Extensions as Payment Deadlines Loom
- Firm seeks to push out $50 million of interest by two months
- Investors told funds wired for $7 million coupon: people
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Sino-Ocean Group Holding Ltd. is seeking investor approval to extend three dollar-note coupons by two months, as the state-backed Chinese builder faces deadlines to make other bond payments and avoid its first public-debt delinquency.
The company announced consent solicitations have been launched for the payment-extension proposals and related default waivers in Wednesday night filings with Hong Kong’s stock exchange. The coupons’ initial due days are from July 30 through Aug. 5 and a combined $50.2 million is owned, according to data compiled by Bloomberg. Many Sino-Ocean notes have 14-day grace periods for interest payments.