Sino-Ocean Group Holding Limited
12/31/2021 |
EBITDA Multiple |
||||
---|---|---|---|---|---|
(CNY in Millions) |
Amount |
US$ Amt. |
Maturity |
Rate |
Book |
|
|||||
Bank and Other Loans |
35,147.5 |
5,517.7 |
|
|
|
Total Bank and Other Loans |
35,147.5 |
5,517.7 |
2.8x |
||
22 Sino-Ocean PPN001 |
2,000.0 |
314.0 |
Mar-18-2025 |
5.320% |
|
21 Sino-Ocean 02 1 |
1,950.0 |
306.1 |
Sep-27-2026 |
4.060% |
|
21 Sino-Ocean ABN001 Sub |
1.0 |
0.2 |
May-30-2039 |
|
|
21 Sino-Ocean ABN001 Senior |
3,200.0 |
502.4 |
May-30-2039 |
4.190% |
|
21 Sino-Ocean 01 2 |
2,600.0 |
408.2 |
May-12-2026 |
4.200% |
|
21 Sino-Ocean PPN002 |
3,000.0 |
471.0 |
Feb-26-2023 |
4.300% |
|
21 Sino-Ocean PPN001 |
3,000.0 |
471.0 |
Jan-21-2024 |
4.600% |
|
20 Sino-Ocean PPN001 |
2,000.0 |
314.0 |
Apr-24-2023 |
3.350% |
|
19 Sino-Ocean 02 3 |
1,200.0 |
188.4 |
Mar-20-2026 |
4.590% |
|
19 Sino-Ocean 01 |
1,700.0 |
266.9 |
Mar-20-2024 |
5.500% |
|
18 Sino-Ocean ABN001 Senior 4 |
2,570.0 |
403.5 |
Apr-20-2038 |
5.750% |
|
18 Sino-Ocean ABN001 Sub |
143.0 |
22.4 |
Apr-20-2038 |
|
|
18 Sino-Ocean 01 |
2,000.0 |
314.0 |
Aug-20-2023 |
4.000% |
|
17 Sino-Ocean 01 |
1,000.0 |
157.0 |
Nov-21-2022 |
4.290% |
|
15 Sino-Ocean 05 |
3,000.0 |
471.0 |
Oct-19-2025 |
4.760% |
|
15 Sino-Ocean 02 |
1,500.0 |
235.5 |
Aug-19-2022 |
4.150% |
|
15 Sino-Ocean 03 |
1,500.0 |
235.5 |
Aug-19-2025 |
5.000% |
|
Total Onshore Bonds |
32,364.0 |
5,080.7 |
5.4x |
||
Wanhe 2B |
18.0 |
2.8 |
Oct-31-2022 |
|
|
Wanhe 2A |
334.0 |
52.4 |
Oct-31-2022 |
4.200% |
|
Wanhe 1 Sub |
17.0 |
2.7 |
Apr-29-2022 |
|
|
Wanhe 1 Senior |
52.5 |
8.2 |
Apr-29-2022 |
3.000% |
|
Sino-Ocean R2 Senior |
1,042.0 |
163.6 |
Dec-26-2022 |
4.230% |
|
Sino-Ocean R2 Sub |
261.0 |
41.0 |
Dec-26-2022 |
|
|
Sino-Ocean R1 A1 |
1,601.5 |
251.4 |
Dec-13-2023 |
5.500% |
|
Sino-Ocean R1 A2 |
1,281.2 |
201.1 |
Dec-13-2023 |
6.000% |
|
Sino-Ocean R1 Sub |
320.3 |
50.3 |
Dec-13-2023 |
|
|
Total Onshore ABS |
4,927.5 |
773.5 |
5.8x |
||
$500 Million 5.25% Senior Notes Due Apr 2022 |
3,185.0 |
500.0 |
Apr-30-2022 |
5.250% |
|
$700 Million 6.00% Senior Notes Due Jul 2024 |
4,459.0 |
700.0 |
Jul-30-2024 |
6.000% |
|
$520 Million 2.70% Senior Notes Due Jan 2025 |
3,312.4 |
520.0 |
Jan-13-2025 |
2.700% |
|
$400 Million 3.25% Senior Notes Due May 2026 |
2,548.0 |
400.0 |
May-05-2026 |
3.250% |
|
$500 Million 5.95% Senior Notes Due Feb 2027 |
3,185.0 |
500.0 |
Feb-04-2027 |
5.950% |
|
$600 Million 4.75% Senior Notes Due Aug 2029 |
3,822.0 |
600.0 |
Aug-05-2029 |
4.750% |
|
$400 Million 4.75% Senior Notes Due Jan 2030 |
2,548.0 |
400.0 |
Jan-14-2030 |
4.750% |
|
Total Offshore Bonds |
23,059.4 |
3,620.0 |
7.6x |
||
Lease Liabilities |
427.1 |
67.0 |
|
|
|
Total Lease Liabilities |
427.1 |
67.0 |
7.6x |
||
$600 Million 4.90% Perpetuals |
3,822.0 |
600.0 |
|
4.900% |
|
Total Perpetuals |
3,822.0 |
600.0 |
7.9x |
||
Total Debt |
99,747.5 |
15,658.9 |
7.9x |
||
Less: Cash and Equivalents |
(30,353.0) |
(4,765.0) |
|||
Plus: Restricted Cash |
5,423.6 |
851.4 |
|||
Net Debt |
74,818.1 |
11,745.4 |
6.0x |
||
Plus: Market Capitalization |
10,518.7 |
1,651.3 |
|||
Enterprise Value |
85,336.8 |
13,396.7 |
6.8x |
||
Operating Metrics |
US$ Amt. |
||||
LTM Reorg EBITDA |
12,571.5 |
1,973.5 |
|||
|
|||||
Liquidity |
|||||
Plus: Cash and Equivalents |
30,353.0 |
4,765.0 |
|||
Less: Restricted Cash |
(5,423.6) |
(851.4) |
|||
Total Liquidity |
24,929.4 |
3,913.6 |
|||
Credit Metrics |
|||||
Gross Leverage |
7.9x |
||||
Net Leverage |
6.0x |
||||
Notes: Source: Refinitiv, Wind, company filings, Reorg estimates; EBITDA includes capitalised interest add-back. NCI: RMB21.374 billion 1. Puttable September 27, 2024 2. Puttable May 12, 2024 3. Puttable March 20, 2024 4. Puttable July 20, 2023 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 6.37. |
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