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Bond Market News
NWD Nears $11.1bn Refinancing Deal to Ease Liquidity Crunch
June 20, 2025
New World Development Co. has secured preliminary consent from all participating lenders for a landmark of $11.1bn (HKD 87.5bn) loan refinancing deal, including lenders who initially resisted, according to sources. This comes after months of intense negotiations with over 50 banks, making it one of the largest refinancing deal in Hong Kong’s history. However, the agreement still hinges on receiving formal written approvals from every bank by 30 June, without which the refinancing could collapse. Once completed, some pressure would be taken off the company with regards to $8.1bn (HKD 63.4bn) of bonds due in 2025 and 2026. For $3.07bn (HKD 21.4bn) due in 2027 and beyond, NWD will have to add some extra credit enhancements and additional collateral. NWD has put about 40 properties as collateral in the new loan refinancing deal. Separately, Bloomberg reported that NWD is out raising $1.99bn (HKD 15.6bn) loan secured by Victoria Dockside.
NWD’s 8.625% 2028s are trading stable at 62 cents to the dollar.
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