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Evergrande faces US$366 million of interest payments before year-end even after narrowly averting default on overdue coupons
- World’s most indebted developer has avoided default with last-minute payments on overdue coupons, according to people familiar with the matter
- Evergrande has eye-popping US$308 billion in total liabilities
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China Evergrande Group is facing another US$366 million in interest payments on its onshore and offshore debt – some already overdue – by the end of this year, after narrowly staving off default once again with a series of last-minute coupon payments on Wednesday.
It is just a small portion of the cascading amount of debt payments set to come due in the coming months for the world’s most indebted property developer.
The Shenzhen-based company has 1.97 trillion yuan (US$308 billion) in total liabilities, with some 240 billion yuan in borrowings that have to be paid by next June.
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On Wednesday, Evergrande made overdue interest payments on three of its US-dollar-denominated bonds ahead of the end of a 30-day grace period after missing coupon payments of US$148 million due last month, according to people familiar with the matter.
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World’s most indebted developer, China Evergrande Group, buys time to repay more creditors
World’s most indebted developer, China Evergrande Group, buys time to repay more creditors
Customers of Clearstream, an international central securities depository based in Luxembourg, also received payments on the dollar-denominated Evergrande bonds on Wednesday, according to a Clearstream spokesperson.
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