Staff Reporter
Published:
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The offer is being conducted through New VD BondCo.
Property developer New World Development (NWD) launched a bond exchange offer on 6 October, allowing holders of notes due in 2027 and 2028 to exchange them for new secured notes maturing in 2032.
The offer is being conducted through New VD BondCo, a newly established, indirectly wholly-owned unit of NWD, which expects to issue up to $4.71b (US$600m) in new secured notes carrying an annual coupon of 7.375%.
The exchange offer covers notes worth $3.59b (US$ 456.9m) due January 2027, notes worth $1.28b (US$162.6m) due June 2027, and notes worth $2.92b (US$372m) due February 2028.
NWD said the swap aims to optimise its debt maturity profile, enhance balance sheet flexibility and liquidity, and improve its financial position amidst prevailing market challenges.
The early tender deadline is 14 October, whilst the exchange offers are scheduled to expire on 20 October, subject to extension.
$1 = US$0.13
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