First Pacific starts tender offer for 6%, 6 3/8%, 4½% bonds

New York, May 10 – First Pacific Co. Ltd. began a tender offer for up to $300 million principal amount of its $374.47 million of 6% guaranteed bonds due June 28, 2019 issued by FPC Finance Ltd., the $312,193,000 of 6 3/8% guaranteed secured bonds due Sept. 28, 2020 issued by FPT Finance Ltd. and the $358,835,000 of 4½% guaranteed bonds due April 16, 2023 issued by FPC Treasury Ltd.

The company is offering 103.5% of par for the 6% bonds, 106.5% of par for the 6 3/8% bonds and par for the 4½% bonds, according to an announcement. It will also pay accrued interest.

Tendered bonds will be accepted up to the cap, with the 6% bonds having first priority, the 6 3/8% bonds second priority and the 4½% bonds third priority. There may also be caps for each individual series of bonds.

First Pacific will offer new bonds which may be used to finance the tender offer.

Closing of the tender is conditional on First Pacific receiving sufficient funds from the new bonds or another financing to pay for the tender.

Holders who intend to subscribe for new bonds as well as tender may receive priority of allocation for the new securities equal to the amount tendered.

The new bonds will price on May 23.

The tender ends at 11 a.m. ET on May 22. Settlement is planned for May 31.

Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 4100, +44 20 7992 6237 or liability.management@hsbcib.com) and Mizuho Securities Asia Ltd. (+852 2685 2000 or liability.management@hk.mizuho-sc.com) are dealer managers. D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, firstpacific@dfkingltd.com or https://sites.dfkingltd.com/firstpacific) is the tender agent and information agent.

First Pacific is a Hong Kong-based investment management and holding company with operations in consumer food products, infrastructure, natural resources and telecommunications.

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