By Wendy Van Sickle
Columbus, Ohio, Sept. 10 – China's FEC Finance Ltd. priced an additional $50 million of its fixed-to-floating rate perpetual notes that have an initial rate of 7 3/8% at 102.423 on Tuesday, according to a notice.
The company priced $250 million of the perpetuals at par on Sept. 6, as previously reported.
The notes are guaranteed by Far East Consortium International Ltd.
HSBC is the manager for the add-on.
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.
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| Guarantor: | Far East Consortium International Ltd.
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| Amount: | $50 million add-on
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| Original issue: | $250 million priced on Sept. 6
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| Maturity: | Perpetual
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| Description: | Fixed-to-floating rate notes
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| Manager: | HSBC
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| Coupon: | 7 3/8%
|
| Price: | 102.423
|
| 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. 10
|
| Settlement date: | Sept. 17
|
| Distribution: | Regulation S
|
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