China’s New World accepts tenders of $381.26 million 5¾% perpetuals

By Wendy Van Sickle

Columbus, Ohio, June 9 – New World Development Co. Ltd. accepted for purchase $381,255,000, or 31.77%, of the $1.2 billion of 5¾% senior perpetual capital securities issued by NWD Finance (BVI) Ltd. and guaranteed by New World (ISIN: XS1497605805) under its cash tender offer for the notes, according to a company announcement.

The company was offering $1,010 per $1,000 principal amount, as announced on May 27. Holders will also receive accrued interest.

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 expired 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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