Shui On Land seeks covenant change to free subsidiary

Shui On Land is asking investors for permission to amend covenants on four bond deals. The changes will allow subsidiary China Xintiandi to sell up to $750m of convertible perpetual securities to Brookfield Property Parners, and seek a listing in the future.

  • By Lorraine Cushnie
  • 22 Nov 2013
For Brookfield to make its investment, Xintiandi needs to be free of restrictions in areas like indebtedness and the payments it can make, said a banker close to the exercise. The standard bond covenants in Shui On Land’s four deals also apply to Xintiandi, and so the company ...

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