New World Development gives results of tender offer for two notes

Chicago, Dec. 14 – New World Development Co. Ltd. announced the results of its tender offer for up to a total of $250 million total principal amount of the $600 million 4½% guaranteed notes due 2030 (ISIN: XS2175969125) and the $200 million 3¾% guaranteed sustainability-linked notes due 2031 (ISIN: XS2282055081) issued by NWD (MTN) Ltd.

As of the expiration deadline at 11 a.m. ET on Dec. 13, noteholders tendered $72,548,000 of the 2030 notes and $93.36 million of the notes due 2031.

New World Development is accepting a total of $109,348,000 of the notes, comprising $37,183,000, or 6.2%, of the notes due 2030 and $72,165,000, or 36.08%, of the notes due 2031.

The purchase price for each series was to be determined by a modified Dutch auction procedure with a minimum purchase price per $1,000 principal amount of $814 for the 2030 notes and $765 for the 2031 notes.

For the 2030 notes, the minimum purchase price is being used: $814 per note. Interest of $3.875 per note will also be paid.

For the 2031 notes, a purchase price of $770 is being used. Accrued interest of $16.25 per note will also be paid.

No scaling factor has been applied to the notes being purchased and no competitive offers above the purchase prices are being accepted.

Settlement is planned for Dec. 20.

After settlement, there will be $562,817,000 of the 2030 notes remaining and $127,835,000 of the 2031 notes remaining.

The rationale for the tender offer is to optimize the cost of capital and debt profile of the company. It also provides liquidity to investors at premium to market price, according to the notice.

Mizuho Securities Asia Ltd. (+852 2685 2023, +852 2685 2079 or LiabilityManagement_GC@hk.mizuho-sc.com) and Hongkong and Shanghai Banking Corp. Ltd. (+852 3941 0223, +44 20 7992 6237 or liability.management@hsbcib.com) are the dealer managers.

Morrow Sodali Ltd. is the information and tender agent (+44 20 4513 6933, +852 2319 4130, nwd@investor.morrowsodali.com, https://projects.morrowsodali.com/nwd).

New World Development is a Hong Kong-based conglomerate.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.