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Li & Fung offers to buy up to $172.49 million of 4½% notes due 2025
By Marisa Wong
Los Angeles, Sept. 15 – Li & Fung Ltd. is inviting holders of its 4½% notes due 2025 (ISIN: XS2214755345) to tender their notes for repurchase for cash, up to a maximum acceptance amount of $172,485,000 in principal amount, according to a notice.
The original $600 million issue is comprised of four tranches of $300 million, $100 million, $100 million and $100 million issued on Aug. 18, 2020, Aug. 24, 2020, Oct. 29, 2020 and Jan. 27, 2021, respectively. The current outstanding principal amount is $522,485,000.
The company is offering an early tender consideration of $940 per $1,000 principal amount of notes tendered by the early deadline.
Holders tendering after the early deadline will only be eligible to receive subsequent tender consideration of $910 per $1,000 principal amount.
In addition, the company will pay accrued interest to but excluding the settlement date.
Early tendered notes have priority in acceptance over notes tendered after the early deadline. So, if the maximum acceptance amount is exceeded for tenders made on or prior to the early deadline, no notes tendered after the early deadline will be accepted for purchase, and any notes tendered by the early deadline will be accepted on a prorated basis.
The early deadline is at 5 p.m. ET on Sept. 28. Early results will be announced on Sept. 29, and early settlement is expected to be on Oct. 3.
The offer expires at 5 a.m. ET on Oct. 16. Final results will be announced on the same day, and final settlement is slated for Oct. 17.
All notes tendered and accepted for purchase in the offer will be canceled.
The company said the offer is intended to reduce its debt.
Citigroup Global Markets Ltd. (+852 2501 2541; ProjectDash.AP.2023@citi.com) is the dealer manager.
The information and tender agent is Morrow Sodali Ltd. (+852 2319 4130, +44 20 4513 6933; lifung@investor.morrowsodali.com; https://projects.morrowsodali.com/LiFung).
Li & Fung is a global trading group based in Hong Kong.
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