By Marisa Wong
Morgantown, W.Va., Sept. 17 – Bank of China (Hong Kong) Ltd. issued $3 billion of undated non-cumulative subordinated additional tier 1 capital securities, according to a notice.
The perpetual securities carry an initial coupon of 5.9%.
The Rule 144A and Regulation S securities were issued as a drawdown under the bank’s $15 billion medium-term note program.
Proceeds will be used to finance a tender offer for the issuer’s 5.55% subordinated notes due 2020, which began on Aug. 30 and expired on Sept. 11.
Bank of China is based in Beijing.
| Issuer: | Bank of China (Hong Kong) Ltd.
|
| Issue: | Non-cumulative subordinated additional tier 1 capital securities
|
| Amount: | $3 billion
|
| Maturity: | Perpetual
|
| Coupon: | 5.9% initially
|
| Settlement date: | Sept. 14
|
| Distribution: | Rule 144A and Regulation S
|
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