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Xinyuan Real Estate Co., Ltd. Message Board

  • shelly_showman shelly_showman May 15, 2013 1:10 AM Flag

    Let me mention that 200M bond

    Stinky was crowing how that loan would be paid off in April. That was a reasonable assumption since it was 3 years old. Now that loan had interest of 15.6%. Hmmm and I and a few others had a little discussion about the results of that loan. I made this comment then.
    'Do we see
    another loan where Xin pays $20m interest on a 40M loan? Is it in Xin's future....again?'
    Funny on the call when explaining how this 200m bond with a coupon rate of 13.5 was proof of their improving
    economics compared with ( '20'), on the 40m loan. Don't tell me I hit the nail on the head, lol. Back to the topic. The only way Xin can see of paying off that 40m loan is to take out another loan at 13.25% when you're
    sitting on over 400m cash. Anyone want to do the math on adding another 13.25% to the loan that should have been paid off with no problem? Plus we have back to back loans of 60M (where did that come from) this is not future loan, but present or past loan. These have nothing to do with paying on or buying US property. The only portion of the 150m already spoken for is the 29m on Brooklyn. The remaining approx. 50m
    will be for corporate purposes. I think that jet cost of 7m a year by 2018 will just about eat up the balance of
    that loan. You think this is far fetched? I don't understand a word about the 60m loan which will take it from
    restricted cash to unrestricted. It sounds like none of this has to do with US project. When the time comes
    cause it's still on the drawing board, they're going for a construction loan. But you'll have to wait until the 3rd or
    4th quarter......again. How many times have you heard that on the China properties, and then no news when
    the time comes. But they won't be able to sweep the Brooklyn project under the carpet. Then I got another laugh when Frenchie asked when happened to? We changed our minds. Yup, that happens a lot with this
    company, bipolar.

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    • Hold on a dog gone moment. Gurnee says they had to pay the 40m (plus mumble mumble interest). If you listened he broke down how the 200m bond was to be used. He clearly states and adds the 40m plus the 2 back to back loans of 60m etc. except something in my head was going ding, ding ding. I knew we discussed
      this loan, and I went back to the original language of the 40m loan agreement. Here's my post. So please tell
      me if you were making and accounting on the books, for two installments a year x 3 years, how you can again
      say you are paying interest on the loan. Somebody better go check the language again of that loan in case I was wrong. Or is this a case of double dipping on the funds. And was that just the interest on the 2 installments x 3 years or on the principal as well. I can't remember a year later.

      shelly_showman • Jun 2, 2012 11:00 PM

      0 users liked this posts users disliked this posts 0

      Another thread on the 40M loan

      $40M at 15.6% yearly paid in 2 installments a year for 3 years, plus
      the shares, which I believe are ADS but it doesn't matter much when
      you consider the interest they are paying. IMO the interest in 3 yrs. equals $18.72M plus the shares equals about $21M on a $40M loan.
      ... More

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