標普:361度回購債券令評級緩衝空間收窄
評級機構標普表示,361度(1361.HK)以低於面值的價格在公開市場回購2000萬美元債券,令公司的評級緩衝空間收窄。標普自今年9月1日將361度的評級從“B+”下調至“B-”之後,公司已回購面值約7%的債券。
標普指,若公司未來進一步以低於面值的價格進行回購,可能將其視作大幅折讓置換(distressed exchange)。當發行人以低於最初承諾的價值在公開市場大量回購債券,且回購是因面臨到期足額償還壓力而非伺機回購時,會將該等公開市場回購視為大幅折讓置換要約。更具體而言,即通常會將評級為“B-”或以下級別的發行人所進行的此類交易視為大幅折讓置換。
標普又指,361度對即將在2021年6月3日到期的4億美元債券面臨重大的再融資壓力,且公司一直主動在公開市場回購該債券。過去兩年,該公司已回購1.26億美元債券,其中有2000萬美元,約佔截至今年8月28日未到期債券規模的7%,是於今年9月下調該公司評級後所回購。
標普認為,現金出境的不確定性,可能給361度在償還未到期美元債券方面帶來進一步挑戰。公司報告,截至今年6月30日公司資產負債表中的現金及現金等價物共計63億元人民幣,但現金出境面臨管制,跨境現金轉移或存在風險。目前公司絕大部分的現金在國內。
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