New World Development Co. plans to issue up to $1.9 billion of new debt in an exchange offer that includes haircuts of as much as 50% on perpetual bonds, the embattled property firm’s latest attempt to shore up liquidity amid persistent lossesBloomberg Terminal.
The Hong Kong-based company plans to swap existing debt for up to $1.6 billion in new perpetual securities and $300 million in fresh notes due in 2031, according to an exchange filingBloomberg Terminal on Monday.