Huiyuan indicates transfer of coupon ahead of grace period expiration

15 March 2019

China Huiyuan Juice Group Limited has indicated that it belatedly transferred the funds today for the coupon on its USD 200m, 6.5% bonds due-August 2020, said two creditor sources.


The coupon, which was originally scheduled for 16 February, a Saturday, actually became payable the next business day, but has a 30-day grace period.


The Chinese juice maker announced on 20 February that it missed the payment and was in the process of arranging “to transfer relevant PRC onshore funds offshore in order to make the interest payment”.


As it is, the company triggered the cross-default provision on the notes through the acceleration of HKD 1.2bn 12% convertible bonds in late January.


The 6.5% notes were indicated today at 47/48.5, said the dealer.


Huiyuan and bond trustee Citicorp International Limited declined to comment.


by Gladdy Chu, Zhou Ping and Daisy Wu