By Rebecca Melvin
New York, Sept. 4 – First Pacific Co. Ltd. priced $350 million of seven-year guaranteed bonds via FPC Resources Ltd. at par to yield 4 3/8% on Thursday, according to a company announcement.
Mizuho Securities Asia Ltd., UBS AG Singapore Branch and SMBC Nikko Capital Markets Ltd. were managers for the offering.
There is a make-whole call until Sept. 11, 2024, when the bonds become callable at 102.188 until 2025, then at 101.094 until 2026 and at par thereafter.
Holders will be able to put the bonds at 101 within 30 days of a change-of-control event.
The proceeds will be used for repaying and refinancing debt.
First Pacific is a Hong Kong-based investment management and holding company with operations in consumer food products, infrastructure, natural resources and telecommunications.
| Issuer: | FPC Resources Ltd.
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| Guarantor: | First Pacific Co. Ltd.
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| Amount: | $350 million
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| Maturity: | Sept. 11, 2027
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| Description: | Guaranteed bonds
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| Managers: | Mizuho Securities Asia Ltd., UBS AG Singapore Branch and SMBC Nikko Capital Markets Ltd.
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| Coupon: | 4 3/8%
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| Price: | Par
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| Yield: | 4 3/8%
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| Call: | Make-whole call until Sept. 11, 2024; callable at 102.188 in fifth year, 101.094 in sixth year and at par in final year
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| Change-of-control put: | 101%
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| Trade date: | Sept. 3
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| Settlement date: | Sept. 11
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