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Realty firm (PDR) buys back half of its April bond notes
Phat Dat Real Estate Development JSC (HoSE: PDR) wants to buy back half of its bonds issued in April.
The company plans to buy VND100 billion (US$4.3 million) worth of its bonds, issued on April 8, 2019, to raise VND200 billion for the company.
The deal is expected to occur on October 8, 2019.
At the issuance date, the bond notes were non-convertible, guaranteed with the firm’s 19 million shares and would mature in one year on April 8, 2020.
The bonds per-annum yield rate was 14.45 per cent, the highest corporate bond rate on the market so far this year.
The buyback is a part of the agreement with bondholders. On the last day of the sixth month from the issuance date, the company is able to buy back half of the bonds at par value. The remainders will mature on the maturity date.
In August, Phat Dat raised VND70 billion from issuing bond notes that were guaranteed and non-convertible with annual yield rate of 13.5 per cent – the highest among all deals.
The company has made six bond issuances in 2019, worth VND1.44 trillion, with annual yield rates ranging from 9.5 per cent to 14.45 per cent.
Phat Dat is preparing to raise another VND255 billion from bond issuances in September and October with annual yield rates being 9.5 per cent and 13 per cent.
The company shares was flat at VND26,450 ($1.14) per share on Thursday.
Total capital raised from corporate bond issues in August was VND26.6 trillion, according to the Ha Noi Stock Exchange. After eight months, businesses have raised total VND157.9 trillion from bond issuance.
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