China Citic Bank tenders for $500 million subordinated notes due 2020

By Sarah Lizee

Olympia, Wash., Feb. 14 – China Citic Bank International Ltd. began an offer to purchase for cash any and all of its $500 million subordinated fixed-rate notes due 2020, according to a press release.

The offer will expire at 11 a.m. ET on Feb. 26.

The purchase price will be determined at 11 a.m. ET on Feb. 25. Holders who tender their notes will also receive accrued interest up to but excluding Feb. 28.

The offer is conditioned on the company having priced at or prior to the expiration time a concurrent offering of dollar-denominated tier 2 subordinated notes. The amount of net proceeds raised in the proposed offering must be sufficient to fund the tender offer. However, the financing condition may be waived at the company’s discretion.

The dealer managers for the tender offer are China Citic Bank International (+852 3603 6846 or cncbi_dcm@cncbinternational.com), Citigroup Global Markets Ltd. (+852 2501 2693, +44 20 7986 9000, 212 723-6106 or liabilitymanagement.asia@citi.com), Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 4100, +44 20 7992 6237, 212 525-5552 or liability.management@hsbcib.com) and ICBC International Securities Ltd. (+852 2683 3778 or liabilitymanagement2019@icbci.com.hk). D.F. King (+44 20 7920 9700, +852 3953 7231 or citic@dfkingltd.com) is the information and tender agent.

The bank is based in Beijing.

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