Ares Management lends INR 8.5bn to Century Real Estate arm at 21% IRR
Top highlights of the week driven by REDD's recognised team of journalists and analysts.
Highlights of the week:
REDD ASIA
Ares Management lends INR 8.5bn to Century Real Estate arm at 21% IRR
REDD exclusively reported on 26 November that a unit of Century Real Estate Holdings raised USD 101m-equivalent from Ares at a 21% IRR.? This confirmed our 9 October exclusive that the group was looking to raise funds from Ares to refinance at least USD 65.5m in debt from lenders including PAG Credit and Piramal Fund Management.
REDD has been tracking fundraising by the Century Real Estate group, also exclusively reporting on 8 November that unit Hebbal Properties was raising USD 17.8m-equivalent from SC Lowy as part of a USD 30m facility.
REDD CEEMEA
Confused by Lebanese bond claim legalese? The devil is in the details
Israel’s recent advances against Hezbollah in Lebanon have breathed life into an otherwise muted market for the latter’s Eurobonds, spotlighting legal provisions pertaining to past due interest (PDI) claims of some USD 22bn of such notes outstanding across 20 issuances.
While provisions in Lebanon's Eurobonds do not foresee any need for action from bondholders until 2026, there has been some market chatter suggesting that PDI claims might expire next year. The confusion stems from the wording of a legal provision in the bond documentation that some investors interpret as implying they have five years from default—which occurred in March 2020—to claim PDI and 10 years to claim unpaid principal.
Yulianna Vilkos dived into the docs to decipher the legalese.
Vodafone Ukraine investors bet on favorable restructuring, NBU's permission to pay
In CEEMEA, investors are betting on a favourable restructuring of mobile operator Vodafone Ukraine’s Eurobonds due February 2025, Yulianna Vilkos reported this week.
The company’s solid fundamentals and the strength of its Azeri shareholder are supporting the market expectations that that the issuer will get the Ukrainian regulator’s permission to repay its maturity – partially or in full. The National Bank of Ukraine has not allowed Ukrainian corporate issuers to make cross-border payments to cover their maturities since the war in Ukraine started in February 2022.
As a company with no US dollar revenues generated outside Ukraine, the Vodafone Ukraine case is being closely watched by the buysiders.
REDD LATAM
Argentine government likely to extend TGN and TGS license until 2047
Argentine gas transportation companies TGS and TGN are ready to finalize negotiations to renew their concessions for another 20 years. The companies are in talks with the government to hammer a deal soon.
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