By Wendy Van Sickle
Columbus, Ohio, May 21 – Hong Kong's Lee & Man Paper Manufacturing Ltd. priced $300 million of 5½% senior perpetual capital securities at par on Tuesday, according to a company notice.
J.P. Morgan Securities plc is the sole global coordinator and a joint bookrunner and lead manager, along with HSBC, Mizuho Securities and MUFG.
The distribution rate will reset on the first call date, May 29, 2024, and every five years thereafter if the securities are not called.
The distribution rate will increase by 3% upon a change of control event.
Proceeds will be used for expansion of both containerboard and tissue businesses as well as general corporate purposes.
Hong Kong-based Lee & Man is a paper and packaging producer.
| Issuer: | Lee & Man Paper Manufacturing Ltd.
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| Issue: | Senior perpetual capital securities
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| Amount: | $300 million
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| Distribution rate: | 5½% for five years, then will reset every five years
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| Price: | Par
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| Yield: | 5½%
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| Bookrunners: | J.P. Morgan Securities plc (sole global coordinator), HSBC, Mizuho Securities and MUFG
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| Call: | Callable beginning on May 29, 2024 and each payment date thereafter
|
| Pricing date: | May 21
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| Settlement date: | May 24
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| Distribution: | Regulation S
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