>> 招银国际-Fantasia： Facts and thoughts on debt restructuring -230120
| 上传日期： |
2023/1/28 |
大小： |
446KB |
| 格式： |
pdf 共4页 |
来源： |
招银国际 |
| 评级： |
-- |
作者： |
-- |
| 下载权限： |
无限制-登录即可下载 |
|
|
研究报告全文：FixedIncomeCreditCommentary20January2023CMBICreditCommentaryFantasiaFactsandthoughtsondebtrestructuringOurestimatedNPVof19-43GlennKoCFA高志和85236576235Fantasiafinallyannouncedthelong-awaiteddebtrestructuringplanInbriefglennkocmbicomhkUSD13bnabout13oftheoutstandingUSDbondswillbeconvertedintoequityofFantasiaandtheremainingUSD27bnwillbeexchangedinto8tranchesofCyrenaNgCPA吳蒨瑩newbondswithmaturitiesrangingfrom2-65yearsThecouponratesrange85239000801from5-8forcashcouponand7-10forcouponwithPIKPleaseseeAppendixcyrenangcmbicomhk1forsummaryofdebtrestructuringplanAssumingzerovalueofitsequityvalueholdersnotparticipatingintoDutchauctionforredemptionofbondsat15ptsorJerryWang王世超loweranddiscountratesof15-40fortherestructuredbondsweestimatethe85237618919NPVoftherestructuredbondsto19-43inadditiontotheconsentfeeof01jerrywangcmbicomhkThelongstopdateoftherestructuringwillbeon30Nov23Discountrate1520303540NPV43335925521818732ofoutstandingbondswillbeswappedforequityFantasiahas13USDbondsincludingappofUSD50mnwithanaggregateoutstandingofUSD4bnUSD13bnofthesewillbeequitizedintothesharesofFantasiawhichhasbeensuspendedfromtradingsince1Apr22ThemarketcapitalizationofFantasiapriortotradingsuspensionwascUSD150mnUponthecompletionofdebtrestructuringthecontrollingshareholderBabyZengwillholdatleast45equityinFantasiawhileUSDbondholderswillholdatleast526inFantasiaThebalancetobeexchangedintonewbondswithmaturitiesof2-65yearsFortheremainingUSD27bntobeexchangedinto8tranchesofnewbondswithmaturitiesfromDec24Jun29ThecashcouponandPIKcouponofthenewbondsrangefrom5-8and7-10respectivelyFromnowtoDec25atleastpartofthecouponwillbePIKAllcashcouponwillonlycomestartingfromDec25CMBIFixedIncomefiscmbicomhkPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE20January2023TargettoraisenewmoneyofUSD115mnOneoftheconditionprecedentsisthecompletionofraisinginitialnewmoneyofUSD100mnsuperseniordebtfromGortuneAlternativeandsubordinateddebtsofUSD15mnfromBabyZengGortuneAlternative40ownedbyGortuneInvestmentCoLtdspecializesininequityinvestmentsdistressedassetinvestmentsassetmanagementandindustrialresourceintegrationGortuneInvestmentCoLtdestablishedin2016isaninvestmentcompanyRegisteredcapitalisRMB16bnShareholdersincludeGDenterprisessuchasCOGARDMideaandXiangxuePharmaceuticalAfterdeductionofUSD25mnforfeeandexpensestheremainingUSD90mnwillbeusedtoredeemexistingbondsthroughaDutchauctiontenderofferatapurchasepriceofnohigherthan15ptsFantasiawillraiseonabesteffortbasistoraiseAdditionallyNewMoneyofUSD100mnApprovalthresholdsTheapprovalthresholdwillbeheadcountvoteofover50andatleast75invaluevotedintheschememeetingsCurrentlytheadhocgrouprepresentsc245oftheoutstandingUSDbondsofFantasiaTheunknownsAtthetimeofwritingweareyettoobtainafirmanswerfromtherestructuringadvisoronthequorumandarrangementoftheschememeetingWearenotsureiftherewillbe13separateschememeetingsfor13outstandingbondsorthesebondswillbelumpedintoasingleschemeAdditionally40ofnetconsiderationsofSpecifiedAssetSalewillbedepositedinareserveaccountforbondredemptionHoweverthereisnoinformationastowhatassetswillbeincludeinSpecifiedAssetSaleAppendixThedebtrestructuringTheosUSDmn4018356676Debttoequityswap1300324InitialnewmoneyGortuneAlternativeFundManagementZhuhaiHengqinCoLtdUSD100mnSuperseniordebtssecuredbyonshoreassetsZengJieBabyUSD15mnUnsecureddebtswithnofixedmaturityinteresttobe5-8AdditionalnewmoneyFinancingorassetsalesbesteffortbasisUSD100mnParipassuwithsuperseniordebtsNoamotizationwithin1yrorestructuringeffectivedateRED220January2023Longstopdate30Nov23Stepplan9Apr23Consentfee010Consentfeedeadline30Mar23thelatestApprovedthreshold50inheadcountand75invalueinschememeetingSizeMaturityAllcashCoupon31-Dec-2230-Jun-2331-Dec-2330-Jun-2431-Dec-24USDcouponwithPIKmnTrancheA200031-Dec-2457AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKTrancheB200031-Dec-25525725AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKTrancheC300031-Dec-26550750AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKTrancheD400030-Jun-276800AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKTrancheE500031-Dec-27650850AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKTrancheF500030-Jun-287900AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKTrancheG309231-Dec-28750950AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKTrancheH309230-Jun-2981000AllPIK05cash05cash05cash3cashtherestintherestintherestintherestinPIKPIKPIKPIKNewissuance2718356TrancheG309178TrancheH309178CMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreport320January2023BesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdomThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport4
|
|
