Hong Kong’s Blue Skyview opts to defer distributions on perpetuals

By Marisa Wong

Los Angeles, Jan. 18 – Blue Skyview Co. Ltd. issued an announcement on Wednesday about the distribution deferral and cumulative deferral relating to its $683 million 7 1/8% senior perpetual securities (ISIN: XS1526108235).

The issuer has given notice to Bank of New York Mellon, London Branch as fiscal agent of its election to defer the distribution scheduled to be paid on Jan. 26.

The previous distributions that were scheduled to be paid on July 26, 2020, Jan. 26, 2021, July 26, 2021, Jan. 26, 2022 and July 26, 2022 constitute arrears of distribution. The issuer said on Wednesday it wants to notify holders that it has elected to further defer those previous distributions.

In relation to the distribution for the period Jan. 26, 2020 to July 26, 2020 the distribution rate was 12.125% per annum. For the distributions for the period July 26, 2020 to Jan. 26, 2023, the distribution rate was 15.76% per annum. The distribution rates include increases of 500 basis points due to a covenant breach.

The issuer said holders of the perpetual securities with questions should contact acctrd@hkairlines.com.

Blue Skyview is the financing unit of Hong Kong Airlines.

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