China Merchants Port to redeem $600 million of perpetuals on Oct. 9

By Mary-Katherine Stinson

Lexington, Ky., Aug. 21 – China Merchants Port Holdings Co. Ltd. will exercise its redemption right for its $600 million guaranteed subordinated perpetual securities (ISIN: XS2238812031), according to a notice.

The 3½% notes were issued by CMHI Finance (BVI) Co., Ltd. and guaranteed by China Merchants Port.

The issuer will redeem all the outstanding securities at par on Oct. 9, together with any accrued distribution from, and including, the immediately preceding distribution payment date of April 9 to, but not including the redemption date.

As the redemption date is not a business day, the payment of the redemption amount will occur on Oct. 10, the next succeeding business day.

The notes were originally issued in two parts, with $400 million being listed on Oct. 9, 2020 and $200 million being issued on Oct. 21, 2020, which were consolidated to form a single series.

The shipping company is based in Hong Kong.

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