HCM CITY, Viet Nam – Realty firm buys back half of its April bond notes

An apartment complex developed by Phát Đạt Real Estate Development JSC (HoSE: PDR) in HCM City. — Photo phatdat.com.vn
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HCM CITY — Phát Đạt Real Estate Development JSC (HoSE: PDR) wants to buy back half of its bonds issued in April.

The company plans to buy VNĐ100 billion (US$4.3 million) worth of its bonds, issued on April 8, 2019, to raise VNĐ200 billion for the company.

The deal is expected to occur on October 8, 2019.

At the issuance date, the bond notes were non-convertible, guaranteed with the firm’s 19 million shares and would mature in one year on April 8, 2020.

The bonds per-annum yield rate was 14.45 per cent, the highest corporate bond rate on the market so far this year.

The buyback is a part of the agreement with bondholders. On the last day of the sixth month from the issuance date, the company is able to buy back half of the bonds at par value. The remainders will mature on the maturity date.

 

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In August, Phát Đạt raised VNĐ70 billion from issuing bond notes that were guaranteed and non-convertible with annual yield rate of 13.5 per cent – the highest among all deals.

The company has made six bond issuances in 2019, worth VNĐ1.44 trillion, with annual yield rates ranging from 9.5 per cent to 14.45 per cent.

Phát Đạt is preparing to raise another VNĐ255 billion from bond issuances in September and October with annual yield rates being 9.5 per cent and 13 per cent.

The company shares was flat at VNĐ26,450 ($1.14) per share on Thursday.

Total capital raised from corporate bond issues in August was VNĐ26.6 trillion, according to the Hà Nội Stock Exchange. After eight months, businesses have raised total VNĐ157.9 trillion from bond issuance. —VNS

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