Shanghai Real Estate gets strong covenant nod in tender

23 Jun 2009

SRE Group, the Chinese developer formerly known as Shanghai Real Estate, reported a strong response to its offer to buy back high yield bonds worth $200m on Monday, paving the way for an equity placement that will fund the buyback.

The Hong Kong-listed Chinese developer said investors holding over $129m of its 8.625% bonds due 2013 had accepted the tender ahead of last Thursday’s early deadline, while holders of a further $27m had given their consent to a covenant waiver.

SRE is to pay 80 cents on the ...

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