By Marisa Wong
Los Angeles, June 10 – Hong Kong-based Pacific Century Premium Developments Ltd.’s indirect wholly owned subsidiary PCPD Capital Ltd. priced $100 million of additional 5 1/8% notes due 2026 at par, according to company announcement.
The add-on notes will be consolidated and form a single series with the $700 million of 5 1/8% five-year notes priced at par on Wednesday.
The notes are guaranteed by the parent company.
Credit Suisse (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd. and DBS Bank Ltd. are joint global coordinators and joint bookrunners for the add-on.
As previously announced, proceeds from the new notes will be used to fund a tender offer for $700 million of 4¾% guaranteed notes due 2022 issued by PCPD Capital. The tender offer ends on June 16.
The company announced on Wednesday that PCCW Ltd. subsidiary Asian Motion has offered to sell $70 million of the existing 2022 notes to Pacific Century for cash. Proceeds from the tender are estimated to be $71.26 million. Asian Motion also agreed to subscribe for $100 million of the new PCPD Capital 2026 notes. PCCW intends to apply those tender proceeds toward settlement of the subscription amount.
Pacific Century is engaged in the development and management of premium property and infrastructure projects, as well as investment in premium-grade buildings in the Asia-Pacific region. It is based in Hong Kong.
| Issuer: | PCPD Capital Ltd.
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| Guarantor: | Pacific Century Premium Developments Ltd.
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| Amount: | $100 million
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| Maturity: | June 18, 2026
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| Bookrunners: | Credit Suisse (Hong Kong) Ltd., Hongkong and Shanghai Banking Corp. Ltd. and DBS Bank Ltd.
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| Coupon: | 5 1/8%
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| Price: | Par
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| Yield: | 5 1/8%
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| Call option: | In whole at make-whole price at any time before June 18, 2024; in whole or in part after that, provided outstanding amount after any partial redemption is at least $300 million
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| Put option: | At 101 upon change of control
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| Pricing date: | June 10
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| Settlement date: | June 18
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| Total issuance: | $800 million, including $700 million priced on June 8
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