According to the information published on HNX, Saigon Glory Co., Ltd. has reached an agreement with bondholders to extend the maturity of 10 bond batches worth 10,000 billion VND. According to the agreement on February 5, 10 bond batches – with codes from SGL-2020.01 to SGL-2020.10, each batch worth 1,000 billion VND – will have the maturity extended for 1-2 years.
Specifically, for the three bond batches from SGL-2020.01 to SGL-2020.03, originally maturing in June 2023, they will be extended until June 2025. Two batches SGL-2020.04 and SGL-2020.05, originally maturing in July 2023, will be extended to July 2025. As for the remaining 5 batches from SGL-2020.06 to SGL-2020.10, originally maturing in August 2025, they will be extended until November 2026, an additional 15 months.
During the extension period, Saigon Glory will repurchase the principal of each bond batch as soon as possible but no later than the predetermined schedule with increasing payment ratio each period. For SGL-2020.01 – SGL-2020.05, principal repurchase will be divided into 6 periods, while the remaining 5 batches will be divided into 7 periods.
In addition, all 10 bond batches will be subject to an interest rate of 8% per year. The interest calculation period will also be adjusted, instead of every 3 months as before the extension period, it will be changed to every 12 months from the start of the extension.
At the end of January 2024, Mr. Vu Quang Hoi, Chairman of Bitexco Group, sent a letter to bondholders. In the letter, the Chairman of Bitexco Group also mentioned that in the existing reality of Saigon Glory and Ben Thanh Quadrilateral Project, there are overlapping legal obligations, financial obligations of related parties leading to the handling of collateral assets becoming more difficult and complex.
“The best solution is your consent to extend the payment period of the principal and interest of the bonds to have more time to restructure the financial sources and promote investment, construction, and business activities of the Project in order to soon have concentrated revenue for bond obligations,” wrote Mr. Vu Quang Hoi.
According to Mr. Vu Quang Hoi, Chairman of Bitexco Group, the unit has already developed a financial plan to pay the principal and interest of the bonds, specifically stated in the content of the feedback form. He hopes to receive the consent and agreement of bondholders and appreciate it.
Saigon Glory is introduced as the owner of a 6-star office-commercial-apartment-hotel complex at Ben Thanh Quadrilateral (The Spirit of Saigon), including two towers of 46 and 55 floors, 214 apartments that have been licensed for sale, and 250 6-star hotel rooms. The total development cost of the project is about 14,400 billion VND.
