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Lai Sun Development (0488) has successfully completed its dollar bond exchange offer and consent solicitation, securing over 96 percent support, with the bondholders' special resolution formally passed.
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In this bond transaction, the company repaid 30 percent of the participating exchange bond principal, approximately US$143 million (HK$1.12 billion), in cash out of a total of about US$477 million. The remaining principal will be exchanged for new notes with a three-year maturity due on July 28, 2029, optimizing the debt structure and buying time for deleveraging.
Lai Sun said that amid the still-challenging commercial real estate and credit environment in Hong Kong, the company successfully united creditor consensus through transparent and fair transaction arrangements.
Upon completion of the transaction, together with the repayment of bank loans from the sale of the 3 Connaught Road Central project in late last month, the company has effectively reduced its total liabilities by approximately HK$2 billion, demonstrating the company's execution capability in asset monetization and deleveraging.
The company said its liquidity pressure has been significantly alleviated, and its financial foundation has become more solid, positioning it well to pursue orderly deleveraging and focus on core business development.
