New World seeks debt swap to buy more time for $1 billion bond repayment

New World Development is trying to buy more time to repay creditors with a new bond swap offer, as the troubled Hong Kong developer becomes the face of the citys struggle to emerge from a property downturn. The company is proposing to exchange three bonds maturing in January and June of next year and in 2028 into securities due in 2032, according to an exchange filing Tuesday. The total outstanding amount of those bonds is about $991 million, but the swap offer is capped at $600 million, meaning holders will have to retain some of their existing notes. New World will hold a series of roadshow meetings in Hong Kong on Wednesday and Thursday and in Singapore on Friday to discuss the exchange offer, according to people familiar with the matter.