Hong Kong's New World Development to reduce $1.3 billion of its debt after early bond swap

New World Development secures 65% perpetual bond swap but debt pressure persists

Distressed Hong Kong developer New World Development (NWD) has secured investor consent to swap 65 per cent of its perpetual bonds in an exchange plan by an early deadline, but still has work to do to tackle the highest debt load among builders in the city. Investors tendered US$2.09 billion of the securities by an initial early deadline of November 17, out of a potential amount of as much as US$3.2 billion, a company filing showed. The company …

Hong Kong's New World Development to reduce $1.3 billion of its debt after early bond swap

HONG KONG :Embattled New World Development said on Tuesday it expected $1.3 billion of its debt, majority of it being perpetual bonds, to be cut after setting an early deadline for its dollar bond exchange offer. The firm, a major property developer in Hong Kong and the most indebted in the financial city, t

New World gets 65% agreement on debt swap by early deadline

The company has become a poster child of the broader challenges developers face as they grapple with debt