Novaland successfully extended 2 more bond lots worth 2,300 billion VND

According to Novaland , the two bonds that have just been successfully extended have codes NVLB2123012 and NVLH2123010, with a total value of VND 2,300 billion.

Specifically, the NVLB2123012 bond lot with an issuance value of VND 1,300 billion has its maturity date extended by 2 years, from July 20, 2023 to July 20, 2025. The bond interest rate during the extension period is applied at a fixed rate of 11.5%/year (previously 9.5%/year for the first 4 interest calculation periods, then adjusted by the reference interest rate plus a margin of 3.28%/year).

Novaland has reduced its debt by VND9,000 billion in the past 6 months.

The second bond lot with code NVLH2123010 with an issuance value of VND 1,000 billion has its payment period extended by 21 months, i.e., maturing on March 17, 2025, and the bond interest rate during the extension period is applied at a fixed rate of 11.5%/year (previously 10.5%/year). At the same time, additional collateral includes real estate, property rights arising from real estate belonging to projects in Ho Chi Minh City of Novaland or a third party. The ratio of collateral after addition corresponds to at least 100% of the total face value of outstanding bonds.

In addition, Novaland has also just added collateral for the bond lot NVLH2123006 worth VND 300 billion with NVL shares owned by NovaGroup.

At the recent 2023 Annual General Meeting of Shareholders, Novaland leaders shared that in the past 6 months (quarter 4/2022 and quarter 1/2023), Novaland has reduced its debt by VND 9,000 billion. Fortunately for the group, the outstanding balance of retail bonds is not much compared to the size of its assets. When the group negotiated with creditors recently, over 90% of creditors agreed to support Novaland in extending debt or converting debt into shares of companies. However, there are also some creditors, especially bondholders of retail bonds, who did not agree. The Board of Directors will continue to implement debt restructuring activities, plans to issue shares, bonds (including convertible bonds) and other instruments to increase capital for business operations, financial restructuring and payment of debts due in the coming time...

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