NWS Holdings completes debut CB

Services arm of Hong Kong''s New World group enters CB market to repay debt

NWS Holdings raised HK$1 35 billion ($173 million) from the convertible bond market yesterday (Monday) via house bank Morgan Stanley Proceeds are being used to re-pay debt at the company, which is the second most heavily indebted entity of the New World Group

In a bid to bring down high leverage, the Cheng family, which owns New World, restructured the group's entire business operations towards the end of 2002 and has recently adopted a variety of debt relieving measures A convertible by NWS makes a lot of sense in the context of a share price that has rocketed over 350% in the space of a year

Terms for the deal comprise a five-year maturity, with...

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