中國奧園(03883.HK)境外債務重組方案出爐
中國奧園境外債重組迎重大利好。7月2日，中國奧園集團股份有限公司(03883.HK,簡稱"中國奧園")公吿稱，於2023年6月30日與境外若干優先票據持有人組成的債權人小組，就公司境外債務全面重組方案的主要條款達成協議。從公吿方案看，本次境外重組包括部分債轉股和永續債，如達成將大幅改善奧園的資產負債表情況。
根據重組方案，中國奧園將發行新的融資工具對原債券進行置換，包括4支共計23億美元新債務工具期限至2031年，14億股普通股、1.43億美元無息強制可轉換債券，及16億美元永續債。
其中，中國奧園全資直接附屬公司Add Hero Holdings Limited擬發行三支共計18億美元新債務工具，還本/到期日始自2026年9月至2031年9月，票據現金利率將為每年7.5%-8.8%。中國奧園擬發行5億美元新債務工具，到期日為2031年9月，票據實物支付利率將為每年5.5%。
同時，中國奧園擬新發行10億股普通股，連同目前公司實控人郭梓文及家人利益持有的4億股普通股，將根據重組方案的條款轉讓給若干合資格債權人。
據悉，強制可轉換債及永續債發行後預期將作為中國奧園"權益"入賬。連同方案中的債轉股，若重組方案完成，上市公司的淨資產將顯著增加不低於36億美元，資產負債率則顯著改善，令公司實現輕裝上陣。
中國奧園指出，公司與債權人小組協商一致標誌着其得到奧園現有票據持有人的大力支持，亦是通過友好協商整體解決公司重大境外債務的一個重要里程碑。重組方案完成後，中國奧園將實現可持續的資本結構，為所有利益相關者創造長期價值。
中國奧園預計，於未來十年左右，集團開發項目預期產生累計無槓桿自由現金流總額約為643億元。現有物業開發項目於未來十年左右償還項目層面債務後產生的累計現金淨額預計約為185億元。於未來十年或更長時間內，該集團考慮根據市場情況和資產運營情況逐步出售部分境內及境外資產，出售所得款項淨額(扣除抵押債務還款後)預計約為80億元至138億元。
中國奧園認為，儘管房地產行業的流動性和銷售壓力仍在持續，管理團隊對集團業務及所在市場的長期競爭力很有信心。
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