New World Development offered to buy back as much as $600 million of its outstanding dollar-denominated debt through a public tender to manage its debt load, days after receiving HK$21.8 billion ($2.8 billion) from an asset sale to its controlling family, reports the South China Morning Post.
The Hong Kong developer offered to repurchase part of five bonds maturing between 2027 and 2031 and two perpetual securities with a combined outstanding face amount of $4.14 billion, according to a stock exchange filing on Thursday. The offer prices exclude accrued interest on the bonds.
The cash offer will be based on a modified Dutch auction, meaning the developer will accept lowest prices first until the maximum buyback amount is reached. The offer closes on December 1 with results expected on December 4, barring any extension. The firm may choose not to accept any of the offer tendered by bondholders, it added.