Hong Kong's ITC Properties to buy back HK$906 million notes due 2011

By Marisa Wong

Madison, Wis., Feb. 22 - ITC Properties Group Ltd. said it plans to repurchase its HK$906 million of outstanding 1% notes due June 15, 2011 with proceeds from the issue of up to HK$996.6 million of 3¼% 30-month notes.

The purchase price will be par plus a 10% premium, which amounts to HK$996.6 million. Holders will also receive accrued interest up to the issue date of the new notes.

Partial acceptance of the repurchase offer, in multiples of HK$500,000, will be permitted.

ITC said it expects to deliver details on the repurchase offer to noteholders on Feb. 28. The repurchase offer will be open for acceptance until March 31.

Holders who do not accept the offer will receive the redemption amount plus accrued interest on the maturity date.

ITC is a Hong Kong-based property development and investment company.

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