After the two extensions, the second phase of 2019 ultra short term financing bonds (bond abbreviation: 19 Bohai Leasing Co.Ltd(000415) scp002) under Bohai Leasing Co.Ltd(000415) ( Bohai Leasing Co.Ltd(000415) . SZ) has not been fully cashed.
On the evening of March 2, Bohai Leasing Co.Ltd(000415) announced that “19 Bohai Leasing Co.Ltd(000415) scp002″ should pay the interest and principal from June 5, 2021 to March 1, 2022 on March 2, 2022. However, due to the impact of covid-19 epidemic, the company has tight short-term liquidity and is unable to pay the principal and interest of the current bond in full.
Bohai Leasing Co.Ltd(000415) said that in order to steadily resolve the cashing risk of current bonds, the company held the first holders’ meeting of “19 Bohai Leasing Co.Ltd(000415) scp002” in 2022 on the morning of February 24, 2022, and applied for cashing 5% of the principal and full maturity interest of “19 Bohai Leasing Co.Ltd(000415) scp002” on schedule. The remaining bond principal was extended for 270 days, and the interest rate during the extension period was 3.98%, However, the relevant proposal was not passed by all the holders.
Although the extension proposal failed to be passed by all the bondholders, Bohai Leasing Co.Ltd(000415) still cashed 5% of the principal of “19 Bohai Leasing Co.Ltd(000415) scp002”, i.e. RMB 25 million, and the interest due in full, to all the bondholders on March 2, 2022 according to the extension plan.
In this regard, Bohai Leasing Co.Ltd(000415) said that the remaining 475 million yuan of principal could not be paid on time, and the company extended its sincere apology to all bondholders of “19 Bohai Leasing Co.Ltd(000415) scp002”.
According to the announcement, “19 Bohai Leasing Co.Ltd(000415) scp002” was issued on December 10, 2019, with an issue amount of 500 million yuan and an issue interest rate of 3.98%. The issuance period is 270 days. After the expiration of September 8, 2020, Bohai Leasing Co.Ltd(000415) failed to pay on time and was extended to June 5, 2021. However, on June 5, 2021, Bohai Leasing Co.Ltd(000415) has not been paid and extended to March 2, 2022. The interest rate has been maintained at 3.98% for two extensions.
At the meeting held on February 24, Bohai Leasing Co.Ltd(000415) applied for the third extension, and 4 holders agreed to the extension, holding a total face value of “19 Bohai Leasing Co.Ltd(000415) scp002” of 400 million yuan, accounting for 80% of the voting rights held by the holders of “19 Bohai Leasing Co.Ltd(000415) scp002”; One dissenting holder holds a total face value of RMB 100 million of “19 Bohai Leasing Co.Ltd(000415) scp002”, accounting for 20% of the voting rights held by the holders of “19 Bohai Leasing Co.Ltd(000415) scp002”.
According to the provisions of the guidelines for default and risk disposal of debt financing instruments of non-financial enterprises in the inter-bank bond market, the extension scheme can only be adopted with the consent of all holders of debt financing instruments.
According to the official website, Bohai Leasing Co.Ltd(000415) is the first leasing industry group listed on China’s A-share market. Its main business covers aircraft leasing, container leasing, domestic financial leasing, etc Bohai Leasing Co.Ltd(000415) owns avolon, seaco, Tianjin Bohai Leasing Co.Ltd(000415) and other leading leasing companies in subdivided industries at home and abroad. It is the third largest aircraft lessee and the second largest container lessor in the world.
Bohai Leasing Co.Ltd(000415) said that in 2021, the company is expected to achieve an operating revenue of 26 billion yuan to 29 billion yuan, and the net profit attributable to shareholders of listed companies is expected to be 650 million yuan to 1.3 billion yuan, a decrease of 83.13% – 91.56% compared with the same period of the previous year.
Bohai Leasing Co.Ltd(000415) said that the company would continue to actively communicate with each holder and negotiate the remaining principal payment plan.
In addition, Bohai Leasing Co.Ltd(000415) also said that the company and its wholly-owned subsidiary Tianjin Bohai Leasing Co.Ltd(000415) Co., Ltd., its SPV and its holding subsidiary Hengqin International Financial Leasing Co., Ltd. were overdue due to short-term liquidity constraints. As of February 28, 2022, excluding “19 Bohai Leasing Co.Ltd(000415) scp002”, the total overdue principal and interest is 7.848 billion yuan, including 6.580 billion yuan of overdue principal and 1.268 billion yuan of overdue interest.
