Hong Kong's Lai Sun Development to launch exchange offer for $493 million notes due 2026 (updated)

New World Development

15/06/2026 01:07

Updates with further details from paragraph 2
June 15 (Reuters) - Hong Kong's Lai Sun Development 0488.HK announced on Monday an exchange offer for its outstanding $493 million 5.00% guaranteed notes due 2026, allowing eligible noteholders to exchange their holdings for new U.S. dollar-denominated senior guaranteed notes.
The new U.S. dollar-denominated notes will have a three-year tenor and carry an annual interest rate of 8%. The company plans to seek a listing for the notes on the Hong Kong Stock Exchange or another internationally recognised exchange.
Lai Sun said the exchange offer and consent solicitation are subject to conditions, including receipt of proceeds from the disposal of its property at 3 Connaught Road Central by July 22.
Settlement of the exchange and consent process is expected on or around July 28, subject to completion conditions and the issuance of the new notes, it said.
Bigger peer New World Development 0017.HK completed a debt exchange in December to cut its perpetual bonds and senior notes by around $1.2 billion.

 (Reporting by Roshan Thomas in Bengaluru; editing by Rashmi Aich and Subhranshu Sahu)
 ((Roshan.Thomas@thomsonreuters.com;))