Far East Consortium announces $50 million cap for tender offer

By Cady Vishniac

Detroit, Oct. 21 – Hong Kong’s Far East Consortium International Ltd. has announced a cap of $50 million for 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.

Tenders in excess of the cap will be subject to proration.

The company is offering to buy back the notes at par plus interest.

The offer will expire at 11 a.m. ET on Oct. 23.

Settlement is expected for Nov. 2.

The company is separately exploring a potential offering of new notes.

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.

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