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NWD Announces Preliminary Results of Debt Swap Offer; Extends Favorable Terms to Late Swappers
November 18, 2025
New World Development (NWD) announced the preliminary results of its early tender deadline to swap some of its old bonds with new notes. The company stated that it will cut about $1.02bn of its perpetual securities’ principal and around $29.9mn of its senior notes via early settlement, as per an exchange filing. The debt swap is NWD’s latest move aimed at easing liquidity stress stemming from the prolonged real estate downturn. Under the swap plan, NWD offered to issue $1.6bn of perpetual notes in exchange for its old notes at a price of 50 cents on the dollar, meaning it could buy back as much as $3.2bn of outstanding notes. It also proposed a $300mn debt swap for its conventional bonds, at a lower haircut.
A change made in the latest filing is that the base terms for exchanging (for those who swap later rather than in the “early” window) have been updated to be the same as the early-swap terms. In other words, NWD has extended the early favourable terms to the later swappers as well.
Its 4.125% 2029s have traded stable, currently at 72.1 cents on the dollar, yielding 14.2%.
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