(NLDO)- After 2 extensions, Novaland is preparing to spend 7,000 billion VND right before Lunar New Year 2025 to buy back 21 bond codes before maturity.
The Board of Directors of No Va Real Estate Investment Group Corporation (Novaland, stock code: NVL) has just approved a plan to buy back all 21 bonds issued in 2020 with a total par value of VND 7,000 billion.
These bonds initially had a term of 36 months (3 years), but Novaland later negotiated to extend it to 60 months, with principal and interest paid in June 2025.
The expected buyback period is from the end of December 2024 to January 2025 by agreement. The buyback price is calculated by par value plus interest accrued up to the date of purchase.
Actual construction at Novaland's Aqua City project
According to Novaland, the early bond buyback is part of the financial restructuring roadmap between the company and credit institutions.
With other bond packages, Novaland is still negotiating with bondholders, implementing to fulfill obligations, to ensure the rights of bondholders in the context of the real estate market still facing many difficulties.
Also related to Novaland, Dong Nai province recently announced that 521 townhouses and villas at Aqua City of this company are eligible to sign sales contracts.
Previously, in an effort to resolve difficulties and obstacles, Dong Nai province leaders announced the approval of the general planning 1/10,000 for subdivision C4. Including the Aqua City project - a major project of Novaland. From there, Novaland was given a detailed planning 1/500, completing the legal resolution after more than two years of entanglement.
However, on the stock exchange, NVL shares are still sluggish around par value, at 10,200 VND/share, much lower than at the beginning of the year.
Source: https://nld.com.vn/novaland-tim-duoc-loi-ra-cho-21-ma-trai-phieu-tri-gia-7000-ti-dong-196241229120829917.htm
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