Economic Information Daily News (June 6) reports: New World (00017) is currently down 5.3%, trading at HK$5.40. Based on the current price, the stock has declined for three consecutive days, with a cumulative drop of 10.7%. The stock's trading volume is approximately 10.36 million shares, involving a turnover of HK$570 million. During trading, it hit a low of HK$5.315, the lowest level since August last year.
New World Development plans to issue up to US$600 million (approximately HK$4.68 billion) in new bonds with a coupon rate of 7.375%, maturing in 2032, to refinance three existing guaranteed notes that are due in 2027 and 2028. Analysts pointed out that this move allows existing bondholders the opportunity to exchange into new bonds linked to Victoria Dockside, which have a higher credit rating.
The existing notes involved in this exchange include a 4.75% guaranteed note (maturing January 2027, with outstanding principal of approximately US$457 million), a 5.875% guaranteed note (maturing June 2027, with outstanding principal of approximately US$163 million), and an 8.625% guaranteed note (maturing February 2028, with outstanding principal of approximately US$372 million).
New World stated that this exchange offer will help optimize the debt maturity structure and enhance liquidity.
Bloomberg analysts noted that participation in the exchange of the two bonds maturing in 2027 is expected to be relatively high, as investors can not only obtain higher coupon rates but also convert into senior secured bonds linked to Victoria Dockside.
Currently, the Hang Seng Index stands at 24,229, up 189 points or 0.8%, with turnover on the main board nearing HK$86.9 billion. The Hang Seng China Enterprises Index is at 8,111, up 60 points or 0.7%. The Hang Seng Tech Index is at 4,211, up 27 points or 0.7%. (nw)
New World Development plans to issue up to US$600 million (approximately HK$4.68 billion) in new bonds with a coupon rate of 7.375%, maturing in 2032, to refinance three existing guaranteed notes that are due in 2027 and 2028. Analysts pointed out that this move allows existing bondholders the opportunity to exchange into new bonds linked to Victoria Dockside, which have a higher credit rating.
The existing notes involved in this exchange include a 4.75% guaranteed note (maturing January 2027, with outstanding principal of approximately US$457 million), a 5.875% guaranteed note (maturing June 2027, with outstanding principal of approximately US$163 million), and an 8.625% guaranteed note (maturing February 2028, with outstanding principal of approximately US$372 million).
New World stated that this exchange offer will help optimize the debt maturity structure and enhance liquidity.
Bloomberg analysts noted that participation in the exchange of the two bonds maturing in 2027 is expected to be relatively high, as investors can not only obtain higher coupon rates but also convert into senior secured bonds linked to Victoria Dockside.
Currently, the Hang Seng Index stands at 24,229, up 189 points or 0.8%, with turnover on the main board nearing HK$86.9 billion. The Hang Seng China Enterprises Index is at 8,111, up 60 points or 0.7%. The Hang Seng Tech Index is at 4,211, up 27 points or 0.7%. (nw)
