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New World Development tenders for up to $250 million 4½%, 3¾% notes
By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – New World Development Co. Ltd. announced on Monday a 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.
The purchase price for each series will 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. There is no maximum purchase price for either note, and there is no acceptance priority between the series.
Holders will also receive accrued interest.
The company will determine the final principal amount of notes to be accepted and the purchase price for each series after the offer expires.
Tender instructions may be submitted in either competitive or non-competitive form and must be submitted in respect of a minimum principal amount of notes of no less than $200,000 and in integral multiples of $1,000 thereafter.
If the offeror accepts any competitive offers, it will accept all non-competitive offers for the set purchase price.
The offers will expire at 11 a.m. ET on Dec. 13.
Results are expected to be announced on Dec. 14, and settlement is expected for Dec. 20.
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.
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