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China’s New World unit tenders for $1.2 billion 5¾% perpetuals
By Wendy Van Sickle
Columbus, Ohio, May 27 – New World Development Co. Ltd. began a cash tender offer for the $1.2 billion of 5¾% senior perpetual capital securities issued by NWD Finance (BVI) Ltd. and guaranteed by New World (ISIN: XS1497605805), according to a company announcement.
The company is offering $1,010 per $1,000 principal amount. Holders will also receive accrued interest.
New World will determine the acceptance amount, which is expected to be announced on or around June 9.
NWD Finance plans to issue new dollar-denominated perpetual securities, and proceeds are expected to be used to fund the tender offer.
The tender offer will expire at 11 a.m. ET on June 8.
Hongkong and Shanghai Banking Corp. Ltd. (+852 3941 0223, +44 20 7992 6237 or liability.management@hsbcib.com) and UBS AG Hong Kong Branch (alvin.yeo@ubs.com or victor-c.wong@ubs.com) are the dealer managers.
Morrow Sodali Ltd. (+44 20 8089 3287, +852 2319 4130 or nwd@investor.morrowsodali.com) is the information and tender agent.
New World Development is a Hong Kong-based conglomerate.
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