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NWD Launches Exchange Offer for its Dollar Bonds
November 3, 2025
NWD plans to issue up to $1.9bn in new debt through an exchange offer for some of its existing notes, marking another major fundraising effort by the strained Hong Kong developer. The deal includes $1.6bn in new perpetual notes and $300mn in new notes, aimed at optimizing debt maturities, improving liquidity, and strengthening the balance sheet amid weak market conditions. The tender offer will expire on December 2, with the early tender ending on November 17. The company will offer a 9% Perp (in exchange for existing perps) and a 7% secured bond maturing in 2031 (in exchange for existing senior bonds). Holders of its five perpetual notes have been asked to forfeit unpaid accrued distributions. Analysts described the terms as reasonable but criticized the lack of equity injection and the forfeiture of accrued interest. The company continues to face liquidity pressures despite completing a $11bn loan refinancing. Earlier this year, it deferred $77.2mn in interest payments on four perpetual notes. Analysts view the exchange as a positive step toward extending short-term debt, though challenges remain. Recently, the firm also obtained a HKD 3.95bn ($508mn) loan backed by its Victoria Dockside property, significantly below the amount initially targeted, underscoring lenders’ ongoing caution toward the developer. List of bonds under tender consideration are as follows:
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