NewCo raises $261 million to acquire Phu Quoc project

NewCo raises $261 million to acquire Phu Quoc project

NewCo Service JSC has announced its successful issuance of $261 million worth of corporate bonds to Techcombank in early May, as part of an attempt to upsize its working capital for ongoing operations.

16:00, 26/05/2019
NewCo will acquire seven hotel-condotel buildings of the Grand World.

NewCo will acquire seven hotel-condotel buildings of the Grand World.

The bond is designated to mature in 18 months, on a mixture of fixed and floating interest rates and mortgaged against NewCo’s properties in Phu Quoc island, shares of a listed company and equity at New Vision.

The coupon for the first three-month maturity, as circulated by NewCo to the Hanoi Stock Exchange, stands at 10.35 per cent a year. The interest rates for the following three-month and six-month terms will vary between 2.42 and 3.42 per cent, plus the mid- to long-term borrowing rates referenced by Techcombank.

Techcombank has been reported to be the sole buyer of NewCo’s bonds while Techcombank Securities is the placement agent of the bond issuance.

Prior to the $261-million bond issuance, NewCo intended to issue 26 million corporate bonds in March, at the face value of $4.3 a piece on a 14-month tenure, due to a change in business plans.

NewCo Service JSC has a chartered capital of roughly $68 million.

According to NewCo, the company will continue focusing on its core business of real estate in the coming tine. 

NewCo has indicated its plan to acquire part of the Grand World project in Phu Quoc, which is developed by NewVision. In particular, NewCo plans to acquire seven condotel buildings with 5,492 units, of the grand project.

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