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《大行》大摩:新世界(00017.HK)延派永續債利息 短期助現金流 但長期增債務負擔
阿思達克 06-02 12:23
摩根士丹利發表告表示,新世界發展(00017.HK)宣布延遲支付四筆總值8,400萬美元(約6.56億港元)永續債券的利息,原本應於2025年12月支付,現將累計至未償還餘額。公司未選擇贖回於5月16日的3.45億美元債券,利率已從6.15%跳升至約10%。公司正與銀行協商,尋求875億港元的貸款再融資,並抵押其大部分投資物業。該行認為上述施短期內將有助於現金流儲備,但遠來看,這些措施將增加債務負擔。 大摩指,新世界發展選擇延遲支付原定於6月9日及10日分派的兩筆優先股證券(PCS)的票息,並計劃延遲另外兩筆原定於6月16日及22日支付的票息。公司5月16日前未有贖回3.45億美元的永續債券。若開發商未於6月16日前選擇贖回,分派利率將從每年6.15%上升至超過10%(參考美國3年期國債收益率約3.9%,初始利差3.201%,再加3%的上調利差)。假設分派利率重設為10.1%,年度支付額將增加1,060萬美元(約8,200萬港元),約佔2024財年租金EBIT的約3%。 據外電報道,新世界已獲得銀行承諾,為875億港元的貸款進行再融資。據報公司已抵押其位於尖沙咀的 維港文化匯(Victoria Dockside),獲取另一筆156億港元(約20億美元)的貸款。大摩維持新世界發展「減持」評級及目標價6.5元。
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