(Bloomberg) -- Bondholders of Vingroup JSC, a major Vietnamese conglomerate whose main businesses include property and electric vehicles, have agreed to roll over half of its $625 million exchangeable bonds by eighteen months, a company spokesperson said.

The exchangeable notes were originally fully redeemable in May. But now the company will only redeem half of the notes in cash, according to the spokesperson.

The move helps to alleviate cash flow pressure on the group as it seeks to raise 10 trillion dong ($395.3 million) to fund its electric vehicles arm VinFast Auto Ltd. That unit is expanding aggressively into global markets and has so far mainly relied on its parent Vingroup for funding.

The company did not specify other terms under the revised agreement. However people familiar with the matter said the remaining half of the notes will be paid over eighteen months.

Holders of the exchangeable bond include private credit providers KKR & Co., and Seatown Holdings Pte, an indirect subsidiary of Temasek Holdings Pte. Qatar Investment Authority, Meritz Securities Co, Deutsche Bank AG, and Dignari Capital Partners HK, according to the people familiar, who asked not to be named because the discussions are confidential.

KKR, Deutsche Bank, and Seatown declined to comment. Qatar Investment Authority, Meritz Securities, and Dignari Capital Partners did not respond to emails requesting comment.

Vingroup is no stranger to private credit. In November last year, its real estate arm Vinhomes obtained a $250 million private credit from a group of lenders including Seatown, Deutsche Bank, Tahan Capital, and Varde Partners.

(Updates throughout)

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