Novaland, a leading real estate investment corporation, has recently announced a resolution by its Board of Directors to seek consent from bondholders of the NVLB2123012 bond package (security code NVL122001) regarding amendments to the bond documents and an extension of the maturity date.
This bond package, initially issued and listed on the Hanoi Stock Exchange (HNX) in 2022, has a face value of VND 100,000 per bond, totaling VND 1,300 billion. TCBS, or Techcom Securities Joint Stock Company, acted as the issuing consultant.
Novaland’s apartment project
In June 2023, as part of the first restructuring plan, bondholders of NVLB2123012 agreed to extend the maturity date by 24 months, from July 20, 2023, to July 20, 2025. A fixed interest rate of 11.5% per annum was set for this extended period.
With just over a month left until the original maturity date, Novaland is now proposing a new restructuring, seeking bondholder approval to amend certain provisions of the bond documents and further extend the maturity date of the NVLB2123012 bond package.
The voting ratio is set at 1:1, meaning each bondholder is entitled to one vote. The consent solicitation process will take place from June to July 2025, conducted through written forms or electronic voting.
On June 9, while the market witnessed a significant drop of nearly 20 points, Novaland’s stock (NVL) rose by VND 100 to VND 14,400 per share.
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This is a non-convertible and non-warrant attached bond with a face value of VND 100,000 per bond and a total successful issuance value of VND 1,300 billion. The bond has a term of 18 months from the issuance date, bearing an interest rate of 9.5% per annum for the first four interest periods, subsequently adjusted to the reference rate plus a margin of 3.28% per annum.
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