BIM Land Joint Stock Co.
06/30/2022
|
EBITDA Multiple
|
|||||||
---|---|---|---|---|---|---|---|---|
(VND in Billions)
|
Amount
|
Price
|
Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||
Vietcombank - Quang Ninh Branch 1
|
74.6
|
|
74.6
|
|
|
|
||
BIDV - Quang Ninh Branch 1
|
152.7
|
|
152.7
|
|
|
|
||
BIDV - Phu Quoc Branch 1
|
1.4
|
|
1.4
|
|
|
|
||
Agribank - Quang Ninh Branch 1
|
90.7
|
|
90.7
|
|
|
|
||
Total Short-term Bank Borrowings
|
319.4
|
319.4
|
0.1x
|
0.1x
|
||||
Vietcombank - Quang Ninh Branch 2
|
209.7
|
|
209.7
|
Aug-22-2023
|
|
|
||
BIDV - Quang Ninh Branch 3
|
133.1
|
|
133.1
|
Sep-18-2023
|
10.500%
|
|
||
BIDV - Phu Quoc Branch 4
|
310.0
|
|
310.0
|
Mar-11-2024
|
|
|
||
VDB - Kien Giang Branch 5
|
48.6
|
|
48.6
|
Dec-16-2024
|
8.550%
|
|
||
Vietinbank - Phii Quoc Branch 6
|
0.8
|
|
0.8
|
|
|
|
||
BIDV - Chuong Duong Branch 7
|
97.5
|
|
97.5
|
Mar-03-2025
|
|
|
||
Lao Viet Bank 8
|
42.2
|
|
42.2
|
Mar-03-2025
|
Reference Rate + 2.500%
|
|
||
MB Bank - Hoang Quoc Viet Branch 9
|
160.4
|
|
160.4
|
Jan-03-2029
|
9.800%
|
|
||
Techcombank
|
695.0
|
|
695.0
|
|
|
|
||
IFC 10
|
1,537.5
|
|
1,537.5
|
Jun-15-2027
|
USD LIBOR + 2.725%
|
|
||
Total Long-term Bank Borrowings
|
3,234.8
|
3,234.8
|
1.0x
|
1.0x
|
||||
Lease Liabilities
|
586.6
|
|
586.6
|
|
|
|
||
Total Lease Liabilities
|
586.6
|
586.6
|
1.2x
|
1.2x
|
||||
$200 Million 7.375% Senior Notes Due May 2026
|
4,767.0
|
|
4,767.0
|
May-07-2026
|
7.375%
|
|
||
Total USD Bonds
|
4,767.0
|
4,767.0
|
2.6x
|
2.6x
|
||||
VND 1 Trillion 10.00% Domestic Bond Due Dec 2023
|
1,000.0
|
|
1,000.0
|
Dec-30-2023
|
10.000%
|
|
||
Total VND Bonds
|
1,000.0
|
1,000.0
|
2.9x
|
2.9x
|
||||
Total Debt
|
9,907.8
|
9,907.8
|
2.9x
|
2.9x
|
||||
Less: Cash and Equivalents
|
(2,139.0)
|
(2,139.0)
|
||||||
Net Debt
|
7,768.8
|
7,768.8
|
2.3x
|
2.3x
|
||||
Operating Metrics
|
||||||||
LTM Reported EBITDA
|
3,414.0
|
|||||||
|
||||||||
Liquidity
|
||||||||
Plus: Cash and Equivalents
|
2,139.0
|
|||||||
Total Liquidity
|
2,139.0
|
|||||||
Credit Metrics
|
||||||||
Gross Leverage
|
2.9x
|
|||||||
Net Leverage
|
2.3x
|
|||||||
Notes: Sources: Refinitiv, company filings, Reorg; Cash includes VND 1.4T of term deposits 1. Maturity: <12 months 2. Interest rate: 12M VND + 3.3%; Secured on land use rights and land (Citadines Marina Ha Long Project) 3. Secured on land use rights and land (Green Bay Garden Project) 4. Interest rate: Reference Rate + 3.5%; Secured on land use rights and land (Intercontinental PQ) 5. Secured on land use rights and land (Bai Truong Tourism Complex Project) 6. Maturity: 2022 - 2024 7. Interest rate: Reference Rate + 2.5%; Secured on land use rights and land (Crowne Plaza & Royal Square Project, Laos) 8. Interest rate: Reference Rate + 2.5% to 4.5%; Secured on land use rights and land (Crowne Plaza & Royal Square Project, Laos) 9. Interest rate: 24M VND rate + 3.2%; Secured on land use rights and land (BIM's office at Aqua Central Tower) 10. Guaranteed by Parent, HL; Current Ratio > 1.1x, Debt / EBITDA < 4.0x (< 3.5x after Jan. 1, 2023), DSCR > 1.25x, adj. tangible net worth > $300M; Must generate >$80M of recurring revenue annually from FY'21 |
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