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NWD Debt Exchange Offer Closes, Expected to Issue USD1.362B New Bonds, 71.7% of Original Target
Recommend 6 Positive 10 Negative 4 |
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NEW WORLD DEV (00017.HK) announced that the offer to exchange part of its existing perpetual securities and notes closed at 11:59 pm New York time yesterday (2nd). Holders of existing perpetual securities totaling nearly USD2.293 billion and holders of existing notes totaling nearly USD236 million have accepted the offer. The group expects to issue nearly USD1.176 billion new perpetual securities and nearly USD187 million new notes for the exchange, with a total new issuance amounting to USD1.362 billion, reaching 71.1% of the originally planned issuance ceiling of USD1.9 billion. Based on the principal amount accepted in the offer relative to the total amount of the new debt issued, NEW WORLD DEV will reduce its debt by around USD1.17 billion, a rate of nearly 50%. AAStocks Financial News |
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