LAI SUN DEV Unveils US$333.88 Million 8% Guaranteed Notes Due 2029 for Exchange of 2026 Issue

Bulletin Express

Jul 29

LAI SUN DEV (00488) has released the offering circular for a new debt instrument: US$333.879 million 8.00% Guaranteed Notes due 2029. The notes will be issued by wholly owned SPV Lai Sun (2026) Limited on 28 July 2026 and are unconditionally and irrevocably guaranteed by LAI SUN DEV.

The notes carry a fixed coupon of 8.00%, payable semi-annually on 28 January and 28 July each year, with final maturity on 28 July 2029. Principal and interest are payable in U.S. dollars, and the notes will be listed on the Hong Kong Stock Exchange (stock code 40608) for professional investors only.

Proceeds will not raise fresh capital; instead, the issuance supports an exchange offer for the group’s outstanding US$350 million 5.00% guaranteed notes due 2026. Consequently, no new funds for the issuer or guarantor are expected from this transaction.

Key investor protections include: • Negative pledge on the issuer, guarantor and material non-listed subsidiaries. • Holder put at 101% of principal plus accrued interest upon a change of control. • Mandatory redemption at par from specified asset disposal proceeds once balances in designated accounts exceed US$20 million. • Issuer call at par at any time (7–60 days’ notice) and full tax-related call (30–60 days’ notice).

The notes will be issued in minimum denominations of US$100,000 and integral multiples of US$1 thereafter, clear through Euroclear and Clearstream, and are governed by English law. The LEI of the issuer is 2549002F8Z4BTDCNKY89.

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The notes will be issued by wholly owned SPV Lai Sun (2026) Limited on 28 July 2026 and are unconditionally and irrevocably guaranteed by LAI SUN DEV.</p>\n<p>The notes carry a fixed coupon of 8.00%, payable semi-annually on 28 January and 28 July each year, with final maturity on 28 July 2029. Principal and interest are payable in U.S. dollars, and the notes will be listed on the Hong Kong Stock Exchange (stock code 40608) for professional investors only.</p>\n<p>Proceeds will not raise fresh capital; instead, the issuance supports an exchange offer for the group’s outstanding US$350 million 5.00% guaranteed notes due 2026. 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The LEI of the issuer is 2549002F8Z4BTDCNKY89.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00488","symbol_name":"丽新发展","start_time":0,"source_url":"","article_id":"1175849974","we_media_id":"1053168898","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1175849974","pubTimestamp":1785299097,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Bulletin Express","introduction":"Full Coverage of HK & US Stock Announcements","home_visible":1,"id":"1053168898","head_image":"https://community-static.tradeup.com/news/ed558ed0402cbe7d1ef4d150458f2b2e"},"summary":"LAI SUN DEV (00488) has released the offering circular for a new debt instrument: US$333.879 million 8.00% Guaranteed Notes due 2029. 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