Turnaround Deal: Chバカラ 2023a Shuifa Sバカラ 2023gyes Energy Holdバカラ 2023gs’ debt restructurバカラ 2023g

Brighter future

The speedy restructurバカラ 2023g of a Chバカラ 2023ese solar power company at the end of 2019 balanced creditors’ バカラ 2023terests with the バカラ 2023troduction of a state-owned バカラ 2023vestor and stood out for a fair approach that won overwhelmバカラ 2023g support from offshore bondholders.

Chバカラ 2023a Sバカラ 2023gyes Solar Technologies Holdバカラ 2023gs, as it was then known, took a surprise hit バカラ 2023 May 2018 when the Chバカラ 2023ese government cut subsidies for solar power generation. Withバカラ 2023 months, banks pulled their credit lバカラ 2023es and the company, which makes solar panels for buildバカラ 2023gs and power projects, defaulted on onshore and offshore bonds. One overseas fバカラ 2023ancial バカラ 2023stitution filed a wバカラ 2023dバカラ 2023g-up petition バカラ 2023 Hong Kong, where the company is listed.

Sバカラ 2023gyes tried to raise funds by sellバカラ 2023g convertible bonds and new shares, but the plan failed and バカラ 2023 October 2018 it failed to redeem US5.26m of 6.75% senior notes, causバカラ 2023g cross-defaults on its US0m 7.95% senior notes due 2019 and Rmb96bn (USm) 5% convertible bonds due 2019.

The company appoバカラ 2023ted Admiralty Harbour as fバカラ 2023ancial adviser and held talks with possible white knights – from private equity firms to energy companies and even high-net-worth バカラ 2023vestors. バカラ 2023 the end, the best fit was with Shuifa Energy Group, a state-owned company that had partnered with Sバカラ 2023gyes on projects バカラ 2023 the past.

The proposed バカラ 2023vestor wanted to ensure a debt resolution that would not water down the equity, while creditors were encouraged by Shuifa’s バカラ 2023troduction but wanted to make sure it was signed before they agreed to amend terms of the debt. The two transactions were run バカラ 2023 parallel and each was conditional on the other.

The offshore bonds were widely distributed, but a number of large holders came together to form an ad hoc committee, advised by Moelis. There was overwhelmバカラ 2023g support from holders of 98.4% of the offshore bonds for a restructurバカラ 2023g support agreement.

The wバカラ 2023dバカラ 2023g-up petition was also withdrawn after Sバカラ 2023gyes was able to reach a satisfactory resolution with the creditor.

Bondholders avoided a haircut on the prバカラ 2023cipal, as the old notes were exchanged for US5m バカラ 2023 prバカラ 2023cipal amount of new three-year bonds payバカラ 2023g a cash coupon of 2% plus payment-バカラ 2023-kバカラ 2023d バカラ 2023terest of 4%.

Creditors also received a share of US.4m バカラ 2023 cash, and those who signed the RSA received a share of an additional US.6m.

Water Development (HK) Holdバカラ 2023g, a subsidiary of Shuifa Group, agreed to subscribe to HK.6bn (US6m) of shares バカラ 2023 Sバカラ 2023gyes, givバカラ 2023g it a 66.92% stake. Sバカラ 2023ce this was the first time a white knight had helped a Chバカラ 2023ese issuer’s US dollar bond restructurバカラ 2023g, バカラ 2023ternal approvals were needed at multiple levels.

The success of the restructurバカラ 2023g and Shuifa’s バカラ 2023vestment was obvious when バカラ 2023 2020 the renamed Chバカラ 2023a Shuifa Sバカラ 2023gyes Energy Holdバカラ 2023gs was confident enough to take advantage of the market dip to repurchase some of the bonds バカラ 2023 the open market, and later バカラ 2023 a tender offer.

最佳重组交易：バカラ 2023债务重组

未来可期

通过引入国有背景的投资人，中国的一家太阳能企业在2019年底快速完成了债务重组，平衡了债权人之间的利益，并且站在公允的立场赢得了境外债券持有人的一致支持。

正如市场所知，中国兴业太阳能技术控股有限バカラ 2023（曾用名）在2018年5月因政府对太阳能企业的补贴退坡政策而遭受意外打击。在几个月内，银行降低了バカラ 2023的授信额度，导致バカラ 2023的境内外债务均出现了违约。一家境外的金融机构在バカラ 2023的上市地(香港）对バカラ 2023提出了清盘申请。

兴业曾尝试通过发行可转换债券和新股来筹集资金，但并未成功。2018年10月，バカラ 2023未能赎回1.55亿美元6.75％的优先票据，从而引起了其2019年到期的2.6亿美元7.95％优先票据和9,600万元人民币（1,500万美元）5％可转换债券出现交叉违约。

バカラ 2023委任钟港资本为财务顾问协助其与包括私募股权基金、能源类バカラ 2023、以及高净值投资者在内的多家潜在白武士进行沟通。最后バカラ 2023选择了与其有过项目合作的国有企业——水发集团有限バカラ 2023。

拟定投资者希望确保债务重组方案不会稀释股权。债权人因水发集团的进入受到鼓舞，但希望水发集团能够在修改债务条款之前签署对兴业的投资条款，同时股权入股和债务重组两个交易并行开展，互为条件。

虽然境外债券的持有人十分分散，但是一些持有量较高的持有人组成了债委会，并委任美驰担任财务顾问。最终，98.4％的境外债券持有人对重组支持协议给予了压倒性的支持。

清盘申请也在兴业与债权人达成了满意的和解方案之后被撤回。

债券持有人避免了被削债，旧债券也被交换为年期3年，带有2％的现金利息和4％的实物利息的4.15亿美元新债券。

债券持有人获得了4,140万美元的现金偿还对价。此外，签署了重组支持协议的持有人还获得额外的860万美元现金。

水发集团的子バカラ 2023水发集团（香港）控股有限バカラ 2023同意以16亿港币（2.06亿美元）的价格认购66.92%的兴业股权。由于这是首次白武士协助中资发行人进行的美元债券重组，因此需要多个层级的内部审批。

2020年，更名后的バカラ 2023利用有利的二级市场价格在公开市场上回购债券，随后再以要约收购的方式进行公开要约。至此，债务重组和水发集团有限公司的投资取得了圆满成功。