NOVALAND’S USD 160 MILLION OFFERING OF CONVERTIBLE BONDS ARE OFFICIALLY LISTED ON THE SINGAPORE EXCHANGE LIMITED

No Va Land Investment Group Corporation (“Novaland” or “the Company has successfully concluded a deal that raises approximately USD 160 million offering of convertible bonds which are listed on the Singapore Exchange Limited on April 30th 2018. This is the first time after 06 year, Vietnamese convertible bonds are listed on international stock exchange.

In these offerings, Novaland saw strong interest from investors in Asia and Europe. The US-dollar denominated unsubordinated convertible bonds due 2023 will be convertible into ordinary shares of the Company at an initial conversion price of VND 74,750. The convertible bonds, issued at par, carry a coupon of 5.50% per annum payable semi-annually in arrears and a yield to maturity of 6.25% per annum.   

Previously, Novaland also successfully raised $ 150 million from placement of shares, bringing the total raised capital to $ 310 million. Furthermore, it is the largest ever capital raise for a Vietnamese company in a concurrent equity placement and convertible bond offering.

According to Global Capital, Novaland is a special case. Its deal is the first equity-linked bond in Vietnam in six years, breaking the lull that persisted since the last similar deal in 2012. When Novaland ventured down the path of raising capital through an equity-linked and share sale combination, it only took things up a notch in the region’s equity capital markets and worth looking at closely by other potential issuers in the region.
 

Victoria Village - New "European style"housing complex in District 2 was introduced in April 2018 

Novaland expects to use the net proceeds from the combined offering to further build its land bank in prime locations and to develop real estate projects, as well as for working capital and general corporate purposes. With this capital, the company plans to introduce three new projects this year.

Last week, Novaland’s 2018 annual general meeting of shareholder passed the business plan in this year, with sales expected to reach VND 21,780 billion, after tax profit of VND 3,200 billion, up by 87% and 55% respectively gainst 2017. With 11 projects - about 6,500 products are expected to be handed over this year, Novaland confidently can achieve these ambitious goals. All projects are located in prime strategic locations in Ho Chi Minh City with the average sold rate of over 90%, even 99%. Total sales of these projects will be accounted as revenue when the projects ares handed over, contributing to strong growth of revenue and profit of the Company.
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