Li & Fung extends offers to buy up to $172.49 million 4½% notes due 2025

By Mary-Katherine Stinson

Lexington, Ky., Sept. 29 – Li & Fung Ltd. extended the early deadline of the capped tender offer for its 4½% notes due 2025 (ISIN: XS2214755345), according to a notice.

The early deadline was extended to 5 p.m. ET on Oct. 3, pushed out from 5 p.m. ET on Sept. 28.

Early tender instructions submitted prior to the extension remain valid and irrevocable.

The company stated in the notice that it was also considering upping the maximum acceptance amount.

With the extension, the timetable will now be adjusted as follows:

• The early results will be announced on Oct. 4;

• Early settlement is slated for Oct. 6;

• The offer expires at 5 a.m. ET on Oct. 19 with the results announced that same day; and

• Final settlement is expected for Oct. 20.

As announced on Sept. 15, the company launched an offer to buy the notes, up to a maximum acceptance amount of $172,485,000 in principal amount.

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.

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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