ICBC helps Tewoo pay December bond coupon

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By Addison Gong
20 Nov 2019

Industrial and Commercial Bank of China will pay an upcoming dollar bond coupon on behalf of cash-strapped Tewoo Group, honouring a standby letter of credit (SBLC) it provided for a $500m deal sold by the commodities company two years ago.

ICBC was the SBLC provider for Tewoo’s $500m 3.15% 2020 bond. Tewoo said in a Tuesday evening filing that it was “unable to” arrange payment for the December 1 coupon, but ICBC has transferred the due amount of $7.875m.  

The bond was issued in November ...

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