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Chinese property developer Seazen Group has announced plans to issue dollar-denominated bonds in offshore markets to repurchase outstanding debt, aiming to better manage its financial obligations amid China's ongoing real estate crisis. As per a term sheet reviewed by Reuters, the new issuance targets a three-year bond with a two-year non-call, non-put structure, offering a yield to put of around 13.25%. Seazen disclosed in a regulatory filing that proceeds will go toward repaying two USD 300 million bonds maturing in July and October 2025. Despite sector-wide turmoil, Seazen has remained relatively stable, having previously raised USD 100 million via a green bond in May 2022. This latest move reflects the company's continued access to offshore capital and its strategic focus on debt management.
Chinese property developer Seazen Group has announced its intention to issue dollar-denominated debt in offshore funding markets. This move aims to repurchase some of its existing bonds, signaling the company's proactive approach to managing its financial liabilities amidst the persistent property crisis gripping China. Advertisement
According to a term sheet reviewed by Reuters, the developer is targeting a three-year bond with a non-call, non-put option for the initial two years, offering a yield to put of approximately 13.25%. Seazen stated in a regulatory filing with the Hong Kong Stock Exchange that the proceeds from this new issuance would be specifically utilized to repay an upcoming USD 300 million bond maturing in July 2025, and another USD 300 million bond due in October 2025.
Despite the widespread financial distress across China's property sector, the Seazen Group has demonstrated greater resilience compared to many of its competitors. The company had previously succeeded in accessing dollar-funding markets even during an earlier downturn, raising USD 100 million through a 364-day green bond in May 2022.
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