Bei Ke Cai Jing·2025-11-19 08:48Core Viewpoint - New World Development Company announced that its subsidiary's securities exchange offer has received preliminary tender results, with the debt reduction plan expected to cut over $1 billion in debt [1] Group 1: Securities Exchange Offer - The exchange offer involves existing perpetual securities and medium-term notes, with a net reduction of approximately $1.02 billion in perpetual securities and about $29.9 million in priority notes after early settlement [2] - The early payment date is set for November 20, 2025, with a second early tender date planned for November 25 and a second early payment date for December 1 [3] Group 2: Financial Strategy - The company has raised the issuance cap for new perpetual securities from $1.6 billion to $1.79 billion, while maintaining the combined issuance cap for perpetual securities and notes at $1.9 billion [4] - This initiative aims to lower the debt ratio, optimize the debt maturity structure, and enhance the flexibility and liquidity of the balance sheet [5]