New York, Nov. 1 - Li & Fung Ltd. priced $500 million of 6% subordinated perpetual capital securities at par, according to a company announcement
The deal came to market at the rich end of guidance that was set at 6% to 6 1/8%.
The notes are non-callable for 5½ years.
Citigroup and HSBC are the bookrunners for the notes.
Li & Fung is a global trading group based in Hong Kong.
| Issuer: | Li & Fung Ltd.
|
| Issue: | Subordinated perpetual capital securities
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Coupon: | 6%
|
| Price: | Par
|
| Call: | After 5½ years
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 8
|
| Bookrunners: | Citigroup, HSBC
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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