Hilong’s exchange offer fails to avoid default

dollar broken_Adobe_July2
By Alice Huang
02 Jul 2020

A long-running attempt by Chinese oil company Hilong Holding to complete an exchange offer on a dollar bond has failed, after it confirmed a default this week. The situation has caused analysts to speculate on how it could have executed its deal better. Alice Huang reports.

Hilong said on Tuesday night that an exchange offer for a 2020 dollar bond that matured on June 22 fell short of the minimum acceptance amount of 80% and could not be completed.

The company does not have any other way to repay the remaining $165.1m of ...

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