Cathay Pacific Airways renews $2.5 billion medium-term note program

By William Gullotti

Buffalo, N.Y., Aug. 21 – China’s Cathay Pacific Airways Ltd. renewed its $2.5 billion medium-term note program, initially established Aug. 23, 2011, on Aug. 18, according to an offering circular published on Monday.

Notes will continue to be issued under Cathay Pacific Mtn Financing (HK) Ltd., a special purpose entity, and guaranteed by Cathay Pacific.

HSBC continues to serve as arranger for the one-year program.

Bank of China (Hong Kong), Barclays, DBS Bank Ltd., HSBC, Morgan Stanley, Standard Chartered Bank and UBS continue to serve as program dealers, with additional dealers BNP Paribas and OCBC Bank joining the program with the latest renewal.

Citibank, NA, London Branch is the issuing agent, principal paying agent, transfer agent and registrar, with Citicorp International Ltd. acting as paying agent and CMU lodging agent.

Slaughter and May are advising the issuer and guarantor, with Allen & Overy acting as counsel to the dealers.

Proceeds from Regulation S notes issued under the program will be used for working capital and general corporate purposes.

Cathay Pacific is the flag carrier of Hong Kong, providing both cargo and passenger air service.

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