Saigon Glory successfully extends $408 million in bonds

February 16, 2024 - 15:25

All ten bond lots will have an annual interest rate of 8 per cent.

The Spirit of Saigon, a project of Saigon Glory, is located at a golden spot right opposite Bến Thành Market. — Photo courtesy of Bitexco

HÀ NỘI — Saigon Glory Co Ltd has successfully negotiated an extension for ten bond lots worth a total of VNĐ10 trillion (US$408 million) with the bondholders, according to the Hà Nội Stock Exchange (HoSE).

The agreement, reached on February 5th, stipulates that the maturity dates for the ten bond lots, identified by the codes SGL-2020.01 to SGL-2020.10, each with a value of VNĐ1 trillion, will be extended for a period of 1-2 years.

Specifically, for the three bond lots with codes SGL-2020.01 to SGL-2020.03, originally due in June 2023, their maturity dates will be extended until June 2025. The two lots, SGL-2020.04 and SGL-2020.05, originally due in July 2023, will have their maturity dates moved to July 2025.

The remaining five lots with codes SGL-2020.06 to SGL-2020.10, all originally due in August 2025, will have their maturity dates extended to November 2026, adding 15 months.

During the extension period, Saigon Glory will repurchase the principal of each bond lot as soon as possible, following a predetermined schedule with increasing payment ratios per instalment. For the bond lots SGL-2020.01 to SGL-2020.05, the principal repurchase will be divided into six instalments, while the remaining five lots will be divided into seven instalments.

All ten bond lots will have an annual interest rate of 8 per cent. The interest calculation period will also be adjusted. Instead of the previous quarterly calculation, it will be changed to a 12-month interval starting from the beginning of the extension period. — VNS

Winners of the 10th PropertyGuru Vietnam Property Awards announced

Economy

Hà Nội to host 2024 e-commerce and digital economy forum on November 21

Economy

HCM City aims to become Southeast Asian logistics hub

Economy

PM urges IMF to continue supporting Việt Nam's macroeconomic development

Economy

Amending the Law on Electricity to unlock resources for energy security and net zero emissions

Economy

The urgent need for further reforms

More on this story

Economy

Central bank pushes others to boost lending from start of New Year

The State Bank of Vietnam has issued a directive urging credit institutions to accelerate credit growth from the early months of 2024, a pivotal step toward propelling economic growth.

Economy

Asia - biggest source of overseas remittances to HCM City in 2023

Money sent from Asian countries made up 50.5 per cent of the total overseas remittances to HCM City last year, Việt Nam’s largest economic hub, a massive 143.8 per cent spike year-on-year, according to the State Bank of Vietnam (SBV)’s branch in the city.

Economy

Changes to Law on Credit Institutions reduce ownership limits in banks

Under the amended Law on Credit Institutions, effective from July 1, 2024, commercial banks in Việt Nam are required to reduce the ownership ratios of organisations, shareholders, and related parties.

Economy

Orders are returning but firms struggle with capital shortage

Enterprises are in need of support more than ever. It’s time to introduce drastic solutions to nurture their confidence and improve their capacity, as well as the entire economy.

Economy

Cement industry expected to bounce back in 2024

Cement producers are trying to expand their markets, shifting to several outlets such as the US, Australia, North America, South America and Africa, to reduce dependence on China and take full advantage of the industry which can provide up to 120 million tonnes of products per year.