Saigon Glory’s total repurchased bond value, as announced on the Hanoi Stock Exchange (HNX), is over VND 468 billion. The repurchase was executed on February 6, 2024.
Each bond of the The Spirit Of Saigon project was repurchased for approximately VND 44-47 billion, representing a small portion of the outstanding debt. Therefore, Saigon Glory’s total outstanding bond debt is nearly VND 9,532 billion.
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Saigon Glory’s bond repurchase results on February 16, 2024 (Unit: VND)
Source: VietstockFinance
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Saigon Glory has not yet announced its financial results for 2023. In mid-February, the company announced that it had reached an agreement with bondholders of 10 bond series to postpone the maturity date by 1 to 2 years. Three bond series, SGL-2020.01 to SGL-2020.03, with a maturity date in June 2023, will be extended to June 2025. Two series, SGL-2020.04 and SGL-2020.05, will have their maturity dates moved from July 2023 to July 2025. The remaining 5 series, SGL-2020.06 to SGL-2020.10, which all mature in August 2025, will be extended to November 2026, an additional 15 months.
During the extension period, Saigon Glory will repurchase the principal of each series as soon as possible, but no later than the scheduled periodic progress, with the payment ratio increasing each period. For series 01-05, the principal will be repurchased in six installments, while series 06-10 will be repurchased in seven installments. The record date for the first payment is the date of the resolution on the extension of the 10 bond series, which is February 5, 2024. For the remaining payments, the record date is the third business day before the repurchase date.
Thus, the partial repurchase of the above bonds was carried out by the company immediately after reaching an extension agreement with bondholders.
Progress of The Spirit Of Saigon “super quadrilateral” as of mid-April 2024 – Photo: Thu Minh
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Saigon Glory postpones maturity date of VND 10 trillion in bonds by 1 year
