Lai Sun Development Completes USD Bond Exchange with 96% Support

Lai Sun Development (stock code 00488) successfully completed a USD bond exchange offer and consent solicitation, securing over 96% bondholder support and formal passage of the special resolution. The transaction repaid 30% of participating bond principal (approximately USD 143 million out of USD 477 million) in cash, with the remaining principal exchanged for new three-year notes maturing July 28, 2029. The company stated the transaction optimized its debt structure and provided time for deleveraging amid challenging conditions in Hong Kong's commercial real estate and credit markets.

Lai Sun Development Repays USD 143 Million and Issues New 3-Year Notes

Under the bond transaction structure, Lai Sun Development repaid approximately USD 143 million in cash, representing 30% of the participating bond principal of approximately USD 477 million. The remaining principal was exchanged for new three-year notes maturing on July 28, 2029. The company stated the arrangement achieved consensus among creditors through transparent and fair transaction terms.

Lai Sun Development Reduces Total Debt by HKD 2 Billion

Following completion of the transaction and bank loan repayment from the sale of the 3 Connaught Road Central project (sold at the end of last month), Lai Sun Development effectively reduced total liabilities by approximately HKD 2 billion. The company stated this demonstrated its asset monetization and deleveraging execution capabilities. The group's liquidity pressure was significantly alleviated, strengthening its financial foundation to support orderly deleveraging and focus on core business development.

FAQ

What did Lai Sun Development do with its USD bonds? Lai Sun Development completed a bond exchange offer and consent solicitation with over 96% bondholder support. The company repaid 30% of participating bond principal (approximately USD 143 million) in cash and exchanged the remaining principal for new three-year notes maturing July 28, 2029.

How much debt did Lai Sun Development reduce? Lai Sun Development reduced total liabilities by approximately HKD 2 billion through the bond transaction and bank loan repayment from the sale of its 3 Connaught Road Central project at the end of last month.