By Cady Vishniac
Detroit, Jan. 19 – Far East Consortium International Ltd.’s FEC Finance Ltd. subsidiary has priced $235 million of 5.1% notes due Jan. 21, 2024 at par, according to a market release.
The Regulation S notes, issued under Far East’s $2 billion medium-term note program, will be guaranteed by Far East.
Joint lead managers on the issue are UBS AG Hong Kong Branch, Credit Suisse (Hong Kong) Ltd., HSBC Ltd. and Guotai Junan Securities (Hong Kong) Ltd.
Proceeds of approximately $233,750,000 will be used for refinancing, business development and general corporate purposes.
Listing on the Stock Exchange of Hong Kong Ltd. is expected on Jan. 22.
Far East Consortium is a Hong Kong-based business conglomerate with interests in property development, hospitality and car park operations.
| Issuer: | FEC Finance Ltd.
|
| Guarantor: | Far East Consortium International Ltd.
|
| Issue: | Guaranteed notes
|
| Amount: | $235 million
|
| Maturity: | Jan. 21, 2024
|
| Bookrunners: | UBS AG Hong Kong Branch, Credit Suisse (Hong Kong) Ltd., HSBC Ltd. and Guotai Junan Securities (Hong Kong) Ltd.
|
| Coupon: | 5.1%
|
| Price: | Par
|
| Yield: | 5.1%
|
| Change of control put: | At par
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 21
|
| Distribution: | Regulation S
|
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