China Huarong updates buybacks of guaranteed notes and perpetuals

By Mary-Katherine Stinson

Lexington, Ky., Sept. 19 – China Huarong International Holdings Ltd., in its capacity as guarantor for its parent company China Huarong Asset Management Co., Ltd., updated buybacks of its guaranteed notes and guaranteed perpetuals, according to a notice.

As previously reported, on Sept. 30, 2022, the company had announced it would commence buybacks of guaranteed notes and guaranteed perpetuals involving 23 series of notes.

As of Sept. 19, the guarantor announced that the following series of notes have been fully redeemed:

• $400 million 2½% guaranteed notes due 2023;

• $400 million guaranteed floating-rate notes due 2023;

• $550 million guaranteed floating-rate notes due 2023;

• $600 million guaranteed floating-rate notes due 2022; and

• $700 million unsubordinated guaranteed perpetual securities.

The guarantor also announced open market repurchases totaling the following:

• $98,652,000, or about 14.09%, of the $700 million 4½% guaranteed notes due 2029;

• $52,475,000, or about 10.5%, of the $500 million 3 7/8% guaranteed notes due 2029;

• $41 million, or about 11.71%, of the $350 million 3 5/8% guaranteed notes due 2030;

• $72,265,000, or about 10.32%, of the $700 million 4.95% guaranteed notes due 2047;

• S$32 million, or about 8%, of the S$400 million 3.8% guaranteed notes due 2025.

The repurchased notes have been canceled.

After cancellation, the outstanding amount of the 4½% notes due 2029 will be $601,348,000, the outstanding amount of the 3 7/8% notes due 2029 will be $447,525,000, the outstanding amount of the 3 5/8% notes due 2030 will be $309 million, the outstanding amount of the 4.95% guaranteed notes due 2047 will be $627,735,000, and the outstanding amount of the 3.8% notes due 2025 will be S$368 million.

According to the notice, there is no assurance on the timing, amount or price of any purchase of notes. Likewise, the notice indicated that it is possible that the company, subsidiaries included, may elect to not buy back any notes at all.

The state-owned asset manager is based in Beijing.

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