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First Pacific accepts tenders of $219.85 million 6%, 6 3/8% bonds, accepts no 4½% bond tenders
By Wendy Van Sickle
Columbus, Ohio, May 23 – First Pacific Co. Ltd. announced the final results of its 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.
By the end of the tender, 11 a.m. ET on May 22, holders had tendered $159.54 million of the 6% bonds, $60,307,000 of the 6 3/8% bonds and $120,137,000 of the 4½%.
The company will accept all of the tenders of the 6% and 6 3/8% bonds. It will accept none of the tenders of the 4½% bonds.
First Pacific offered 103.5% of par for the 6% bonds, 106.5% of par for the 6 3/8% bonds and par for the 4½% bonds. It will also pay accrued interest.
Tendered bonds were to 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.
Settlement is planned for May 31.
Following the settlement, there will be $214,930,000 of the 6% bonds and $251,886,000 of the 6 3/8% bonds outstanding, according to a notice.
The offer was announced on May 10.
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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