Hong Kong’s AAC Technologies begins capped tender offer for two notes

Chicago, Sept. 14 – AAC Technologies Holdings Inc. started a capped tender offer on Wednesday for two notes, according to a launch document.

The first part of the offer relates to the $388 million outstanding 3% notes due 2024 (ISIN: XS2080819779). AAC will buy up to $100 million principal amount for $880 per $1,000 note for tenders delivered by the early deadline or $850 after the early deadline.

The second part of the offer relates to the $300 million outstanding 2 5/8% notes due 2026 (ISIN: XS2341038656). The company is offering to buy up to $50 million principal amount for $758 per note for early tendering holders and $728 for holders who tender after the early deadline.

Tenders may be prorated.

The company expects to fund the tender offer with a combination of internal resources and external financing.

The rationale for the tender offer is to optimize the company’s debt structure and proactively manage the company’s liabilities.

The early tender date is 5 p.m. ET on Sept. 27. Early settlement is expected two business days later, currently for Sept. 29.

The offer expires at 11:59 p.m. ET on Oct. 12. Final settlement is planned for Oct. 14.

Citigroup Global Markets Ltd. is the dealer manager (+852 2501 2693, liabilitymanagement.asia@citi.com).

Morrow Sodali Ltd. is the information and tender agent (+852 2319 4130, +44 20 4513 6933, 203 609-4910, aac@investor.morrowsodali.com, https://projects.morrowsodali.com/aac).

The company is a Hong Kong based supplier of products to leading mobile phone and consumer electronics makers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.