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NWD’s Dollar Bonds Plummet on Reports of Seeking Waivers on Loan Conditions
December 18, 2024
NWD is said to have sent out a letter to its bank lenders, seeking a waiver on loan conditions, as per Debtwire. It said that the developer was seeking forbearance, after its net debt-to-assets ratio breached the 100% threshold, allowing its lenders the ability to recall their loans. Jeff Zhang, an analyst at Morningstar said, “Despite the company’s recent CEO change, deleveraging will still be a long process. It’s too early to say it will definitely default”. NWD currently has other financing channels in mainland China. NWD has $16bn in net debt, and a 55% debt-to-equity ratio. While it has refinanced expensive loans in recent times and resorted to asset sales, the company continues to face financial issues.
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