By Cady Vishniac
Detroit, Jan. 12 – Hong Kong’s CAS Capital No. 1 Ltd. sold $750 million of 4% guaranteed perpetual subordinated securities (Ba2/BB), according to a notice.
Bookrunners on the deal were Deutsche Bank AG, Hong Kong Branch, Mizuho Securities Asia Ltd., J.P. Morgan Securities plc, Standard Chartered Bank, HSBC Ltd. and UBS AG Hong Kong Branch.
Proceeds, according to Moody’s Investors Service, will be loaned to PCCW, which will use them for general corporate purposes.
The notes are guaranteed by CAS Holding No. 1 Ltd., with both companies owned by PCCW, a Hong Kong-based telecommunications company.
| Issuer: | CAS Capital No. 1 Ltd.
|
| Guarantor: | CAS Holding No. 1 Ltd.
|
| Issue: | Subordinated perpetual securities
|
| Amount: | $750 million
|
| Maturity: | Perpetual
|
| Bookrunners: | Deutsche Bank AG, Hong Kong Branch, Mizuho Securities Asia Ltd., J.P. Morgan Securities plc, Standard Chartered Bank, Hongkong and Shanghai Banking Corp. Ltd. and UBS AG Hong Kong Branch
|
| Coupon: | 4%
|
| Announcement date: | Jan. 12
|
| Listing date: | Jan. 13
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
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