Oct 15 : New World Development said on Thursday it expects to issue about $189.1 million in new secured notes due 2032 after receiving sufficient tenders during the early phase of its debt exchange offer, aimed at easing near-term repayment pressures.
Here are some more details:
• Last week, the Hong Kong property developer launched a debt exchange offer allowing bondholders to swap some notes due in 2027 and 2028 for new secured debt maturing in 2032
• The offer covered three US dollar-denominated note series with a combined outstanding principal amount of about $991 million, including notes due in January 2027, June 2027 and February 2028
Guess WordCrack the word, one row at a timeBuzzwordCreate words using the given lettersMini SudokuTiny puzzle, mighty brain teaserMini CrosswordSmall grid, big challengeWord SearchSpot as many words as you can Show More Show Less• The company said all notes tendered by the early deadline would be accepted in full without scaling - meaning it will buy back 100 per cent of the bonds submitted by investors before the deadline
• Scaling is the reduction of investors' bond or share tenders when demand exceeds the company's maximum allocation limit
• Settlement of the early accepted notes is expected on October 20
• New World, one of Hong Kong's most indebted property developers, has been working to reduce debt, sell assets and strengthen liquidity as it grapples with tight credit conditions and a prolonged downturn in the city's property market