SRE Group raises $130 million to complete restructuring

The small-cap Chinese developer sells equity and CBs to pay for its ongoing high-yield bond tender.

Small-cap Chinese real estate developer SRE Group has raised approximately $130 million from a combined sale of Hong Kong-listed shares and convertible bonds. The deal, which was completed on Monday night, is part of a broader balance sheet restructuring that also includes a buyback tender for the company's outstanding high-yield bonds and a relaxation of the covenants on those same bonds. The money raised on Monday will be used to pay for the buyback.

A restructuring was...

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