New World Development plans debt extension with bond exchange offer
Shares of Hong Kong property developer New World Development climbed 1.8% on Friday following the launch of a debt exchange offer. The offer would allow bondholders to swap some notes maturing in 2027 and 2028 for new secured debt maturing in 2032, with a newly established unit planning to issue up to $600 million of new 7.375% secured notes due 2032 in exchange.
8, putting the stock on track for its biggest one-day percentage gain since September 16. The property developer launched a debt exchange offer that would let bondholders swap some notes due in 2027 and 2028 for new secured debt maturing in 2032. 375% secured notes due 2032 in exchange for existing notes. 2% decline in the Hang Seng Index.