Li & Fung accepts $1.35 million more tendered 4½% notes due 2025

By Marisa Wong

Los Angeles, Dec. 20 – Li & Fung Ltd. announced the results as of the expiration date of its Nov. 21 capped tender offer for up to $250 million of its $600 million outstanding 4½% notes due 2025 (ISIN: XS2214755345).

The offer expired at 11:59 p.m. ET on Dec. 19. The company has accepted for purchase the $1.35 million of additional notes tendered after the 5 p.m. ET on Dec. 5. early deadline and before the expiration time, according to a company announcement on Tuesday.

Noteholders had tendered $76,165,000 of the notes by the early deadline, as previously reported. Settlement of the early tendered notes occurred on Dec. 7.

The full $875 consideration per $1,000 note was extended to the end of the offer. Originally, early tendering noteholders would have received $30 that late tendering noteholders would not have received. Now, all tendering noteholders received or will receive the same consideration.

Final settlement is planned for Dec. 21.

After repurchase of the tendered notes, there will be $522,485,000 principal amount outstanding.

Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933, 203 609-4910, lifung@investor.morrowsodali.com, https://projects.morrowsodali.com/lifung2025) is the information and tender agent.

The dealer managers are Citigroup Global Markets Ltd. (+852 2501 2692, liabilitymanagement.asia@citi.com), DBS Bank Ltd. (+852 2806 5325, liabilitymanagement@dbs.com), MUFG Securities Asia Ltd. (+33 1 70 91 42 79, +852 2860 1609, liabilitymanagement@mufgsecurities.com) and Standard Chartered Bank (+852 3983 8657, Asia-Liability.Management@sc.com).

Li & Fung is a global trading group based in Hong Kong.

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