China Water Industry Enters Rescheduling Deed With IFC

MT Newswires Live

Apr 13

China Water Industry Group (HKG:1129) entered into a rescheduling deed with the International Finance Corporation, according to a Hong Kong bourse filing Friday.

Shares of the water supply company were down over 2% in Monday morning trade.

The rescheduling of payments to IFC was a condition for the company's proposed debt restructuring plan, which involves a bridge loan of HK$131.3 million and the issuance of convertible bonds.

The bridge loan will be used to partially settle amounts owed to the IFC, while the first tranche of convertible bonds to be issued will help settle the bridging loan itself.

Subsequent issues of the convertible bonds will be used to repay the remaining amounts owed to the IFC by March 31, 2027.

The IFC previously sought about 216.6 million yuan linked to a subsidiary of the company.

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