Novaland bondholders agree to postpone completion date of $300 million bond package deal

Novaland received consensus from bondholders holding at least 66% of the value of the bonds to postpone the deal completion date to June 10, 2024.

No Va Real Estate Investment Joint Stock Company (Novaland; HoSE: NVL) has just announced information on the results of consulting bondholders on extending the completion deadline of the arrangement agreement for a convertible bond package worth 300 million USD, with an interest rate of 5.25% and maturing in 2026, with the right to convert into common shares of the Company.

Accordingly, on May 20, Novaland received the consensus of bondholders holding at least 66% of the bond value to postpone the completion date of the agreement to June 10, 2024.

This is an international convertible bond package that Novaland has reached a consensus on restructuring and received approval from the Singapore International Commercial Court (SICC) at the end of April.

Novaland has received consensus from bondholders holding at least 66% of the value of the bonds to postpone the deal completion date to June 10, 2024. In the photo: A corner of Novaland's NovaWorld Phan Thiet project. Photo: Le Toan

In its previous disclosure, Novaland said the effective date of the contract will only occur based on the conditions of the supplementary contract when all conditions precedent have been fulfilled or waived, as the case may be, by the competent authority, court, trustee, relevant fee payee, or by the consent of the bondholder.

However, Novaland needs more time to complete the prerequisites, including registering the amended contract with the State Bank of Vietnam and receiving relevant approvals or registrations in accordance with Vietnamese law.

Novaland has worked with relevant authorities to obtain approvals and confirm completion of procedures as previously agreed. However, the procedures and processes for receiving feedback and approvals from relevant parties may take longer than expected.

Therefore, the company has proposed to postpone the completion date from May 20, 2024 to June 10, 2024 to complete the prerequisites in time.

According to Novaland's assessment, the completion of restructuring procedures for this bond package in the coming time will reduce pressure on the Group in the context of general difficulties as well as legal problems that have caused many challenges for the real estate market in general and affected the business activities and financial situation of Novaland in particular in the past time.

This will create favorable conditions for the Company to stabilize, recover quickly and help maximize value for stakeholders.

Source: https://baodautu.vn/trai-chu-cua-novaland-dong-y-doi-ngay-hoan-thanh-thoa-thuan-goi-trai-phieu-300-trieu-usd-d215720.html