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Prospect News home > News index > List of issuers L > Headlines for Lee & Man Paper Manufacturing Ltd. > News item |
Lee & Man accepts tenders for $59.42 million 5˝% perpetuals
By Marisa Wong
Los Angeles, Dec. 16 – Hong Kong’s Lee & Man Paper Manufacturing Ltd. announced results of its Dec. 6 tender offer to purchase for cash up to $130 million principal amount of its $300 million of 5˝% senior perpetual capital securities (ISIN: XS1993771325).
As of the expiration of the offer at 11 a.m. ET on Dec. 15, holders had tendered $59.42 million, or 19.81%, of the outstanding notes, according to a company notice on Friday.
The company has accepted for purchase the $59.42 million of tendered notes with no scaling factor applied.
The company is offering a purchase price of $860 per $1,000 principal amount, plus accrued interest.
Settlement is expected to occur on Dec. 21.
After settlement, $240.58 million principal amount will remain outstanding.
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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