China Citic ups tender tally to $195.62 million 6 7/8% notes in offer

By Susanna Moon

Chicago, Feb. 27 – China Citic Bank International Ltd. said it has accepted for purchase $195,616,000, or 39.12%, of its $500 million of 6 7/8% subordinated notes due June 24, 2020.

The final tally includes additional tender instructions made before the end of the offer, according to a company update on Wednesday.

The company previously said it accepted $185,016,000, or 37%, of the notes in the tender offer that ended at 11 a.m. of Feb. 26. The offer began Feb. 14.

As previously announced, pricing was set at $1,045.66 for each $1,000 principal amount using a fixed spread of 80 basis points over the reference yield at 11 a.m. ET on Feb. 25.

Holders who tendered their notes will also receive accrued interest up to but excluding the settlement date of Feb. 28.

The offer was conditioned on the company pricing a concurrent offering of dollar-denominated tier 2 subordinated notes with enough proceeds to fund the tender offer.

The conditions, including the financing condition, have been waived, the company said on Tuesday evening.

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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