Vinhomes member raises $95 mln in private placement bond sale
Can Gio Tourism Urban JSC, a unit under Vinhomes (HoSE: VHM), has raised VND2.5 trillion ($95.08 million) through a three-year private placement bond offering, according to the Hanoi Stock Exchange.
The bonds, issued on June 24, carry a fixed coupon of 12.5% for the first two interest periods. Thereafter, the coupon will be set at a reference rate plus a margin of 5.5 percentage points, subject to a minimum rate of 12.5%.
An illustration of Vinhomes Green Paradise.
According to Saigon Ratings, the proceeds will be used to refinance part of a loan owed to Cam Ranh Investment JSC.
The bonds are secured by 21.5 million shares of Vingroup (HoSE: VIC) owned by Vietnam Investment Group JSC, a third party. The collateral was valued at over VND4.64 trillion ($176.5 million), equivalent to 186% of the bond issue, according to the issuance documents.
Including the latest issuance, companies within the Vingroup group have raised nearly VND34.91 trillion ($1.33 billion) through private placement domestic bond offerings so far this year, calculations by The Investor based on public disclosures showed.
Can Gio Tourism Urban is the developer of the Vinhomes Green Paradise coastal urban project in Ho Chi Minh City. The 2,870-hectare development is expected to require investment of more than $10 billion.
Vinhomes directly owns a 43.7% stake in the company and holds an effective interest of 99.57% through its subsidiaries.
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Vinhomes member raises $95 mln in private placement bond sale
Can Gio Tourism Urban JSC, a unit under Vinhomes (HoSE: VHM), has raised VND2.5 trillion ($95.08 million) through a three-year private placement bond offering, according to the Hanoi Stock Exchange.
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