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New World bondholders receive Interest on USD bonds
According to Gate News bot, multiple bondholders have stated that New World Development Co. has paid the interest on its dollar bonds that were due on Monday, providing some breathing room for the heavily indebted Hong Kong builder to complete a refinancing deal of HKD 87.5 billion (USD 11 billion).
According to Bloomberg, the company will pay $5.05 million in interest on its 5.875% bonds on Monday. Investors are closely watching the deadline as the builder recently decided to postpone payments on four perpetual notes.
According to a filing seen by Bloomberg News, this amount is crucial for New World, as failing to pay the interest within 14 days after the due date could trigger a default event. Dollar bondholders may sometimes take two to three days to receive the Interest.
Source: Bloomberg