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Bond Market News
NWD Launches Buyback Offer for Dollar Bonds
November 24, 2023
New World Development (NWD) launched an offer to buyback seven of its dollar bonds for up to $600mn in aggregate principal. Details are given in the table above. NWD said that the purpose of the tender offer was to optimize its cost of capital and debt profile. The offer will be conducted through a modified Dutch auction. Separately, NWD has also completed the sale of its entire stake in NWS Holdings to its controlling family for HK$21.8bn ($2.8bn). The offer expires on December 1 and the results are expected to come out on December 4. NWD reserves the right to choose not to accept any of the offers tendered by bondholders.
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