By Wendy Van Sickle
Columbus, Ohio, May 23 – First Pacific Co. Ltd. priced $175 million of seven-year guaranteed bonds via FPC Capital Ltd. at par to yield 5¾% on Wednesday, according to a company announcement.
Hongkong and Shanghai Banking Corp. Ltd. and Mizuho Securities Asia Ltd. are joint lead managers for the offering, the proceeds of which are being used to fund a tender for three series of existing notes.
There is a make-whole call until May 30, 2022, when the bonds become callable at 102.875 until May 30, 2023, then at 101.438 until May 30, 2024 and at par thereafter.
Holders will be able to put the bonds at 101 within 30 days of a change of control event.
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 Capital Ltd.
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| Guarantor: | First Pacific Co. Ltd.
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| Amount: | $175 million
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| Maturity: | May 30, 2025
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| Description: | Guaranteed bonds
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| Bookrunners: | Hongkong and Shanghai Banking Corp. Ltd. and Mizuho Securities Asia Ltd.
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| Coupon: | 5¾%
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| Price: | Par
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| Yield: | 5¾%
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| Call: | Make-whole call for first four years; callable at 102.875 in fifth year, 101.438 in sixth year and at par in final year
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| Change-of-control put: | 101%
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| Trade date: | May 23
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| Settlement date: | May 30
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