No Va Land Investment Group Corporation (Novaland, NVL) has successfully issued US$300 million of international convertible bonds for foreign investors, without warrants and collateral, and will be listed on the Singapore Stock Exchange (SGX).

 

They are 5-year bonds, starting from the date of issuance (maturity in 2026) with a fixed interest rate of 5.25 per cent  per year. 

 

Under the terms, these bonds are convertible into common shares. The exchange price is VNĐ135,700 per share, 15 per cent higher than the closing price at the offering date of July 7. 

 

On July 7, the market price of NVL shares was VNĐ118,000 per cent share. The par value of each bond is $200,000.

 

Credit Suisse (Singapore) Limited is the exclusive global manager and exclusive book builder for Novaland's fundraising this time.

 

The issuance received interest from many reputable international investors with the registration value higher than its issuance plan.

 

The real estate developer said that the capital mobilised from the issuance is used for developing key projects and increasing the land fund to complete the profit plan in the next three years. Moreover, the success of this transaction will strengthen Novaland's debt structure as its medium and long-term debts rise significantly. VNS