On March 11, 2024, S-Homes Real Estate acquired over 235.3 billion VND out of a total of over 1,932.8 billion VND in outstanding bonds for bond code SSHCH2123001. After the transaction, the remaining value was nearly 1,697.5 billion VND.
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Result of S-Homes Real Estate’s early bond buyback
Source: HNX
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The bond was issued on September 10, 2021, with a maturity of 4 years until September 10, 2025. The initial term was two years, corresponding to the maturity on September 10, 2023, but it was later agreed to extend for an additional two years by the bondholders.
The total issuance value was 2,400 billion VND, with interest payment every 3 months and a fixed interest rate of 10% per annum for the first 4 quarters. The subsequent quarters have a floating rate but not lower than 10% per annum. The registrar is Tan Viet Securities Joint Stock Company (TVSI).
The bond was issued to raise capital for the general contractor services of the Hon Rom project, secured by 42 million shares and over 12 million shares at Sunshine Group Joint Stock Company and Construction Corporation SCG, respectively, owned by one or several shareholders; and other collateral assets, including but not limited to real estate and future assets formed from real estate projects, which may be supplemented from time to time.
During the bond extension period from September 10, 2023, to September 10, 2025, in addition to the existing collateral assets, S-Homes Real Estate commits to pledge future collateral assets of the Boulevard project within 45 working days immediately upon meeting the collateral or pledge conditions; commits and carries out additional collateral assets, which are 45% of the capital contribution of Bao Tin Son Tung Co., Ltd within 30 working days from December 11, 2023, and the remaining 55% of the capital contribution of Bao Tin Son Tung Co., Ltd at the latest on December 31, 2024.
Addition of S-Homes Real Estate bonds, convertible into real estate products
In addition to SSHCH2123001, the company also has another outstanding bond, SSHCH2123002, with a remaining value of nearly 174.2 billion VND out of a total initial issuance of 1,000 billion VND. The interest rate is 11% per annum, and it was also extended for an additional two years from October 28, 2023, to October 28, 2025.
