Chicago, Sept. 6 – China's FEC Finance Ltd. priced $250 million of fixed-to-floating rate perpetual notes with an initial rate of 7 3/8%, priced at par, according to a term sheet.
The notes are guaranteed by Far East Consortium International Ltd.
Credit Suisse, DBS Bank Ltd. Guotai Junan International, HSBC, UBS, AMTD, BNP Paribas, Haitong International, OCBC Bank and Mizuho Securities are the joint lead managers.
The Regulation S notes are being issued under the company’s $1 billion medium-term note program.
The notes can be called starting Oct. 18, 2024 and then on any semiannual distribution payment date thereafter.
Proceeds will be used for business development, general corporate purposes and refinancing of existing debt.
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.
|
| Amount: | $250 million
|
| Maturity: | Perpetual
|
| Description: | Fixed-to-floating rate notes
|
| Joint lead managers: | Credit Suisse, DBS Bank Ltd. Guotai Junan International, HSBC, UBS, AMTD, BNP Paribas, Haitong International, OCBC Bank and Mizuho Securities
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Initial spread: | 5.924%
|
| First reset date: | Oct. 18, 2024, every five years thereafter
|
| Reset rate: | Treasuries plus 300 bps
|
| First call date: | Oct. 18, 2024 and then any semiannual distribution payment date thereafter
|
| Pricing date: | Sept. 5
|
| Settlement date: | Sept. 13
|
| Distribution: | Regulation S
|
© 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.
