Hong Kong’s Lee & Man tenders for up to $130 million 5½% perpetuals

By Wendy Van Sickle

Columbus, Ohio, Dec. 6 – Hong Kong's Lee & Man Paper Manufacturing Ltd. began a tender offer to purchase for cash up to $130 million principal amount of its $300 million of 5½% senior perpetual capital securities (ISIN: XS1993771325) on Tuesday, according to a company notice.

The company is offering a purchase price of $860 per $1,000 principal amount, plus accrued interest.

The offer will expire at 11 a.m. ET on Dec. 15.

Settlement is expected on Dec. 21.

Tender instructions must be submitted in a minimum principal amount of $200,000 and in integral multiples of $1,000 in excess thereof.

The securities were issued on May 29, 2019.

The company said the offer is being made as part of a proactive approach to optimize its capital structure and will be funded through Lee & Man’s available liquidity sources. The securities purchased under the offer will be canceled.

MUFG Securities Asia Ltd. (+33 1 70 91 42 79, +852 2860 1656 or liabilitymanagement@mufgsecurities.com) is the dealer manager.

Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130 or leeman@investor.morrowsodali.com) is the information and tender agent.

Hong Kong-based Lee & Man is a paper and packaging producer.

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