By William Gullotti
Buffalo, N.Y., July 19 – Minor International PCL priced $300 million of guaranteed senior perpetual capital securities (Baa2//BBB) with an initial rate of 2.7%, according to a listing notice Monday.
The lead managers and bookrunners for the securities are HSBC Ltd., Singapore Branch, Citigroup Global Markets Ltd., Merrill Lynch (Singapore) Pte. Ltd., SMBC Nikko Securities (Hong Kong) Ltd. and Standard Chartered Bank.
According to Moody’s Investors Service, Minor will primarily use the proceeds to fund its tender offer for any or all of its $300 million perpetual securities issued in 2018.
The listing for the securities is expected to be effective July 21.
Based in Bangkok, Minor is a multinational corporation that focuses on hospitality, restaurants and lifestyle distribution.
| Issuer: | Minor International PCL
|
| Issue: | Guaranteed senior perpetual capital securities
|
| Amount: | $300 million
|
| Maturity: | Perpetual
|
| Bookrunners: | HSBC Ltd., Singapore Branch, Citigroup Global Markets Ltd., Merrill Lynch (Singapore) Pte. Ltd., SMBC Nikko Securities (Hong Kong) Ltd. and Standard Chartered Bank.
|
| Coupon: | 2.7%
|
| Issue date: | July 19
|
| Listing date: | July 21
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
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