Shares of New World Development jumped as much as 11% in early trading on Wednesday, after the Hong Kong major property developer received commitments for a HK$88.2 billion ($11.2 billion) loan refinancing package.
The refinancing package, poised to be one of the largest ever in Hong Kong, concludes months of negotiations over a debt package designed to bring the company back from the brink of default.
New World, which carries one of the highest debt ratios among its peers, said in a filing on Monday that it had refinanced portions of its existing offshore unsecured debt, including bank loans, through a new facility and had also aligned the terms of its remaining loan agreements.
The new facility consists of multiple tranches of bank loans with different maturities, the earliest being June 30, 2028.
Reuters
