The Spirit of Saigon, a project of Saigon Glory, is located at a golden spot right opposite Bến Thành Market. — Photo courtesy of Bitexco

Saigon Glory Co Ltd has successfully negotiated an extension for ten bond lots worth a total of VNĐ10 trillion (US$408 million) with the bondholders, according to the Hà Nội Stock Exchange (HoSE). 

The agreement, reached on February 5th, stipulates that the maturity dates for the ten bond lots, identified by the codes SGL-2020.01 to SGL-2020.10, each with a value of VNĐ1 trillion, will be extended for a period of 1-2 years.

Specifically, for the three bond lots with codes SGL-2020.01 to SGL-2020.03, originally due in June 2023, their maturity dates will be extended until June 2025. The two lots, SGL-2020.04 and SGL-2020.05, originally due in July 2023, will have their maturity dates moved to July 2025. 

The remaining five lots with codes SGL-2020.06 to SGL-2020.10, all originally due in August 2025, will have their maturity dates extended to November 2026, adding 15 months.

During the extension period, Saigon Glory will repurchase the principal of each bond lot as soon as possible, following a predetermined schedule with increasing payment ratios per instalment. For the bond lots SGL-2020.01 to SGL-2020.05, the principal repurchase will be divided into six instalments, while the remaining five lots will be divided into seven instalments.

All ten bond lots will have an annual interest rate of 8 per cent. The interest calculation period will also be adjusted. Instead of the previous quarterly calculation, it will be changed to a 12-month interval starting from the beginning of the extension period. — VNS