Seazen Group Limited
06/30/2023
|
EBITDA Multiple
|
||||
---|---|---|---|---|---|
(CNY in Millions)
|
Amount
|
US$ Amt.
|
Maturity
|
Rate
|
Book
|
|
|||||
Secured Bank & Other Borrowings
|
46,059.2
|
6,469.0
|
|
|
|
Unsecured Bank & Other Borrowings
|
2,264.7
|
318.1
|
|
|
|
Total Bank and Other Borrowings
|
48,323.9
|
6,787.1
|
3.8x
|
||
Lease Liabilities
|
712.1
|
100.0
|
|
|
|
Total Lease Liabilities
|
712.1
|
100.0
|
3.9x
|
||
PR Senior 1A
|
799.8
|
112.3
|
Jun-09-2038
|
4.800%
|
|
Wuyue Sub 1C
|
147.0
|
20.6
|
Jun-09-2038
|
|
|
Wuyue 02 Senior
|
1,936.0
|
271.9
|
Nov-24-2038
|
5.500%
|
|
Wuyue 02 Sub
|
107.0
|
15.0
|
Nov-24-2038
|
|
|
G Seazen Senior
|
1,250.0
|
175.6
|
Jul-24-2041
|
6.500%
|
|
G Seazen Sub
|
66.0
|
9.3
|
Jul-24-2041
|
|
|
Total Onshore ABS
|
4,305.8
|
604.7
|
4.2x
|
||
19 Seazen 01
|
-
|
-
|
Mar-20-2023
|
5.600%
|
|
18 Seazen Holdings PPN001
|
-
|
-
|
Mar-26-2023
|
7.000%
|
|
16 Seazen 04
|
-
|
-
|
Sep-12-2023
|
6.400%
|
|
21 Seazen Holdings MTN001 1
|
240.0
|
33.7
|
Apr-21-2024
|
6.300%
|
|
21 Seazen Holdings 01 2
|
-
|
-
|
Jun-22-2024
|
6.000%
|
|
22 Seazen Holdings MTN001 3
|
1,000.0
|
140.4
|
May-30-2025
|
6.500%
|
|
23 Seazen 02
|
700.0
|
98.3
|
Jun-16-2025
|
6.300%
|
|
20 Seazen Holdings 04 4
|
1,000.0
|
140.4
|
Sep-01-2025
|
5.900%
|
|
22 Seazen Holdings MTN002
|
1,000.0
|
140.4
|
Sep-13-2025
|
3.280%
|
|
22 Seazen Holdings MTN003
|
2,000.0
|
280.9
|
Dec-12-2025
|
4.030%
|
|
23 Seazen 01 5
|
400.0
|
56.2
|
Jun-16-2026
|
4.500%
|
|
23 Seazen Holdings MTN001 6
|
850.0
|
119.4
|
Jul-25-2026
|
4.000%
|
|
Total Onshore bonds
|
7,190.0
|
1,009.8
|
4.8x
|
||
$200M 6.15% Senior Notes Due Apr 2023 7
|
-
|
-
|
Apr-15-2023
|
6.150%
|
|
$100M 7.95% Senior Notes Due Jun 2023 8
|
-
|
-
|
Jun-01-2023
|
7.950%
|
|
$350M 6.8% Senior Notes Due Aug 2023 8
|
-
|
-
|
Aug-05-2023
|
6.800%
|
|
$100 Million 7.95% Senior Notes Due May 2024 9
|
712.0
|
100.0
|
May-20-2024
|
7.950%
|
|
$250M 6.0% Senior Notes Due Aug 2024 7
|
1,780.0
|
250.0
|
Aug-12-2024
|
6.000%
|
|
$450M 4.8% Senior Notes Due Dec 2024 10
|
3,204.0
|
450.0
|
Dec-15-2024
|
4.800%
|
|
$300M 4.45% Senior Notes Due Jul 2025 7
|
2,136.0
|
300.0
|
Jul-13-2025
|
4.450%
|
|
$300M 4.625% Senior Notes Due Oct 2025 10
|
2,136.0
|
300.0
|
Oct-15-2025
|
4.625%
|
|
$404M 4.5% Senior Notes Due May 2026 8
|
2,876.5
|
404.0
|
May-02-2026
|
4.500%
|
|
Total Offshore Senior Notes
|
12,844.5
|
1,804.0
|
5.8x
|
||
Total Debt
|
73,376.3
|
10,305.7
|
5.8x
|
||
Less: Cash and Equivalents
|
(30,767.8)
|
(4,321.3)
|
|||
Plus: Restricted Cash
|
8,283.4
|
1,163.4
|
|||
Net Debt
|
50,891.9
|
7,147.7
|
4.0x
|
||
Plus: Market Capitalization
|
9,725.0
|
1,365.9
|
|||
Enterprise Value
|
60,616.9
|
8,513.6
|
4.8x
|
||
Operating Metrics
|
US$ Amt.
|
||||
LTM Reorg EBITDA
|
12,582.4
|
1,767.2
|
|||
|
|||||
Liquidity
|
|||||
Plus: Cash and Equivalents
|
30,767.8
|
4,321.3
|
|||
Less: Restricted Cash
|
(8,283.4)
|
(1,163.4)
|
|||
Total Liquidity
|
22,484.4
|
3,157.9
|
|||
Credit Metrics
|
|||||
Gross Leverage
|
5.8x
|
||||
Net Leverage
|
4.0x
|
||||
Notes: Sources: Refinitiv, WIND, company filings, Reorg; EBITDA includes capitalised interest add-back. NCI: RMB 47.283 billion. 1. Puttable on Apr. 21, 2023 2. Puttable on Jun. 22, 2023 3. Puttable on May 30, 2024 4. Puttable on Sept. 1, 2023 5. Issued on June 16, 2023 6. Issued on July 25, 2023 7. Issued by Seazen Group Limited 8. Issued by New Metro Global Limited, guaranteed by Seazen Group Limited 9. Issued by New Metro Global Limited 10. Issued by New Metro Global Limited, guaranteed by Seazen Holdings Co. Lted Pro Forma: For Pro forma, the proceeds from the new bonds were added to cash as the exact use of proceeds for each of the bond raised remains unclear; The repayment for matured debts were subtracted from cash as the exact source of funding used to repay the debt remains unclear US$ Translation: CNY/USD rate used for USD conversion is 7.12. |
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