Saigon Glory Company Limited is a familiar name in the corporate bond market with its active activities of buying back bonds before maturity and extending bond payment.
According to records from the Hanoi Stock Exchange (HNX), since the beginning of the year, Saigon Glory has bought back bonds before maturity 97 times, from February to the end of August 2024 with a total buyback value of VND 991.27 billion. The 10 lots of bonds bought back before maturity are SGL-2020.01 to SGL-2020.10. The value of each buyback ranges from a few million VND to nearly VND 100 billion.
These 10 bonds have a total value of VND 10,000 billion, issued to nearly 4,000 bondholders since 2020. The purpose of the issuance is to implement the Office - Trade - Service - Apartment - Hotel project at No. 1 Pham Ngu Lao, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City (Ben Thanh Quadrangle). Of which, VND 5,000 billion will mature in July 2023 and VND 5,000 billion will mature in August 2025.
However, Saigon Glory was unable to pay the principal and interest of the bonds when they came due. By early this year, the company had reached an agreement with bondholders and successfully extended all 10 of these bonds.
Accordingly, the maturity of all the above bonds will be extended by 1-2 years and will be bought back according to schedule. The early purchase of a portion of these 10 bonds is part of the agreement between the enterprise and the bondholders reached in February 2024.
Of which, 3 bond lots from SGL-2020.01 to SGL-2020.03, with maturity date in June 2023, will be extended to June 2025; bond lots SGL-2020.04 and SGL-2020.05, maturity date will be moved from July 2023 to July 2025; the remaining 5 bond lots, from SGL-2020.06 to SGL-2020.10, all maturing in August 2025, will be extended to November 2026.
During the extension period, Saigon Glory will repurchase the principal of each lot of bonds as soon as possible but no later than the scheduled schedule with the payment ratio increasing each period. For the 5 lots from SGL-2020.01 to SGL-2020.05, the principal repurchase will be divided into 6 periods, and the 5 lots from SGL-2020.06 to SGL-2020.10 will also be divided into 7 payment periods.
