Scimplify secures $25 million in round led by Hitachi Ventures
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New World expects $189.1 million in new notes after early debt tenders
The Hong Kong developer said it would accept all notes submitted by the early deadline, with settlement expected on October 20.
New World Development said on October 15 that early participation in its debt exchange had reached the level needed for it to issue about $189.1 million in secured notes maturing in 2032. The exchange is intended to ease pressure from repayments approaching their due dates.
The Hong Kong property developer offered holders of three series of US dollar-denominated notes the option to exchange them for the new debt. Those series have about $991 million in combined outstanding principal, with maturities in January 2027, June 2027 and February 2028.
The company said it would accept every note submitted before the early deadline, without reducing investors' tendered amounts through scaling. It expects settlement for those accepted notes on October 20.
New World is among Hong Kong's most indebted property developers. It has been pursuing debt reductions, asset sales and stronger liquidity while facing constrained credit and a sustained slump in the city's property market.