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Bond Market News
NWD Refinances $2.3bn in Bank Loans; Indicates BAU in Project Operations
January 24, 2025
As per an HKEX filing statement, New World Development (NWD) announced that it has successfully refinanced ~HKD 17.8bn ($2.3bn) of its bank loans. The developer added that it will continue to “carry out its businesses as usual” and will continue to engage with its stakeholders, including its lenders and bondholders. This comes after recent rumors and speculations with regard to debt restructuring talks. Separately, in a press release, NWD said that it will accelerate the sales progress of several projects like the “Island Coast” Phase V at Wong Chuk Hang MTR Station, luxury residences on Castle Road in Mid-Levels, and developments in Kai Tak. Along with its property projects already in their sales phase, a total of over 4,400 units will be launched in the fiscal year 2024-25, NWD added. It will also continue to focus on real estate development as its core operation in 2025 and continue marketing its diversified projects in the Mainland region. Also, debt adviser PJT Partners, is said to have spoken to NWD’s bondholders regarding the possibility that certain insolvency clauses in the dollar bonds could come into effect after the developer started having talks with bank lenders.
NWD’s 6.15% Perp was trading 0.6 points lower to 32 cents on the dollar.
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