New World Development Launches Exchange Offers for US Dollar Notes
Reuters
Nov 03
New World Development Launches Exchange Offers for US Dollar Notes
New World Development Co. Ltd. has announced the launch of exchange offers for its existing debt securities. The company is offering holders of its outstanding notes, including the U.S.$200 million 3.75% Guaranteed Notes due January 2031 and the U.S.$600 million 4.75% Guaranteed Notes due January 2027, the opportunity to exchange these for new U.S. dollar-denominated 7.00% senior secured notes due 2031, to be issued by BondCo. The exchange terms include a principal amount of new notes for each $1,000 of existing notes tendered, along with accrued interest. The transaction comes as the company faces challenging market conditions and constrained funding access in the Hong Kong real estate sector.
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