Hong Kong property developer New World seeks more time to pay bonds with exchange offer
The company has been grappling with tight credit conditions and a prolonged market downturn
Hong Kong property firm New World Development has launched a debt exchange proposal to alleviate short-term repayment strains and bolster its liquidity position. The company's offering seeks to swap certain bonds maturing in 2027 and 2028 for new, longer-dated secured debt due in 2032. This move aims to optimize New World's debt schedule, provide greater balance sheet flexibility and improve the overall financial standing of the struggling property developer.
The exchange proposal targets three US dollar-denominated notes with a total outstanding principal of approximately US$991 million. The offering, which closes on October 20, is expected to raise up to US$600 million through the issuance of fresh 7.375% senior secured notes.
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