Novaland (Novaland Joint Stock Group, stock code: NVL on HoSE) has just released information regarding the restructuring of its 5.25% convertible bonds worth over $320.9 million, which are listed on the SGX-ST Mainboard of the Singapore Exchange.
The company has initiated a consent solicitation process regarding the aforementioned bonds, which are due to mature in 2027 (as per the First Amended and Restated Bond Agreement).
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This consent solicitation is being conducted in accordance with the terms and subject to the conditions set out in the notice dated June 5, 2025 (the “Consent Notice”).
The primary objective of this consent solicitation is to obtain approval from bondholders for proposed amendments to the First Amended and Restated Bond Agreement, as well as waivers related to certain past and future payment obligations, as further described in the Consent Notice.
Approval from bondholders holding at least 66% of the aggregate principal amount of the outstanding bonds (the “Required Approval Percentage”) is necessary to pass the proposed waivers and amendments. Once given, approvals cannot be revoked.
The deadline for the consent solicitation is 4:00 p.m. London time on June 12, 2025, which is 11:00 p.m. on June 12, 2025, Vietnam time (the “Expiration Deadline,” as may be extended by the Consent Solicitation Notice).
If the Required Approval Percentage is not obtained by the Expiration Deadline, Novaland has the right to extend the deadline by no more than five business days, and this right may only be exercised once.
Previously, in 2024, Novaland also implemented a restructuring plan for the aforementioned bond issue. Specifically, the plan took effect on July 5, 2024, with a modified debt principal amount of over $320.9 million as of the modification effective date.
The initial conversion price as of the modification effective date was VND 40,000 per share, based on an exchange rate of VND 24,960 per USD. The conversion ratio was 134,135 shares per bond.
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