Far East Consortium gives results of tender offer for 3¾% notes

By Cady Vishniac

Detroit, Oct. 27 – Hong Kong’s Far East Consortium International Ltd. has announced the results of its cash tender offer for the outstanding $286.68 million of its $300 million 3¾% notes due 2021 (ISIN: XS1485805532), according to a company announcement.

As of the tender expiration at 11 a.m. ET on Oct. 23, the company accepted $50 million, its previously announced cap, of the $66.81 million tendered with a proration factor of 62.325%.

If, after scaling and rounding, any holder has a principal amount of less than $200,000 validly offered and accepted or returned as a result of proration, the company will accept all of the notes.

The notes are being purchased at par plus interest, and there will be $236.63 million of the notes outstanding after settlement slated Nov. 2.

Dealer managers for the offer are AMTD Global Markets Ltd. (+852 3161 3289, project.bentley@amtdinc.com), Credit Suisse (Hong Kong) Ltd. (+852 2101 6000), DBS Bank Ltd. (fax: +852 2806 5325, liabilitymanagement@dbs.com), HSBC Ltd. (+852 3941 0223, +44 20 7992 6237, liability.management@hsbcib.com) and UBS AG Hong Kong Branch (+852 2971 8858, ol-gb+-bentley.ubs.com).

Morrow Sodali Ltd. is the information and tender agent (+44 20 8089 3287, +852 2158 8405, fecil@investor.morrowsodali.com, https://bonds.morrowsodali.com/fecil).

Far East Consortium is a Hong Kong-based business conglomerate with interests in property development, hospitality and car park operations.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.