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Beijing State-Owned Assets settles capped tender offer for 2025 notes
By William Gullotti
Buffalo, N.Y., July 21 – Beijing State-Owned Assets Management (Hong Kong) Co. Ltd. settled its capped tender offer for its outstanding 4 1/8% notes due 2025 (ISIN: XS1234958459), according to an announcement on Friday.
As of the offer expiration at 11 a.m. ET on July 20, noteholders validly tendered a total of $242,614,000 of the notes.
The issuer subsequently decided to increase the maximum purchase amount to $172,388,000 from $100 million.
The purchase price is $985 per $1,000 principal amount, plus accrued and unpaid interest.
The issuer accepted tendered notes submitted at offer prices equal to or below the purchase price or pursuant to non-competitive offers, in each case, in full without pro-ration and therefore no scaling factor will be applied.
Settlement has been changed to July 26 from July 25.
After settlement, $354,988,000 aggregate principal amount of the series will remain outstanding.
The dealer manager is BOCI Asia Ltd. (+852 3988 6924; project.stellar2022@bocigroup.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; attn.: Mu-yen Lo / Jacek Kusion; bsam@is.kroll.com; https://deals.is.kroll.com/bsam) is the tender and information agent.
The notes were originally issued by Beijing State-Owned Assets Management (Hong Kong) with the benefit of a keepwell and liquidity support deed and a deed of equity interest purchase undertaking provided by Beijing State-Owned Assets Management Co., Ltd.
The Chinese sovereign wealth fund is based in Beijing.
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