AAC accepts all $158.58 million early tendered notes from two series

By Marisa Wong

Los Angeles, Sept. 28 – Hong Kong’s AAC Technologies Holdings Inc. announced the early results of its Sept. 14 capped tender offer for two notes, according to a company announcement Wednesday.

As of 5 p.m. ET on Sept. 27, the early tender date, holders had tendered and the company accepted for purchase the following:

• $111,182,000 of the $388 million outstanding 3% notes due 2024 (ISIN: XS2080819779) for a total consideration of $880 per $1,000 note. The company increased the maximum acceptance amount for this series to $111,182,000 from $100 million; and

• $47,396,000 of the $300 million outstanding 2 5/8% notes due 2026 (ISIN: XS2341038656) for a total consideration of $758 per $1,000 note. This series is subject to a $50 million series cap, which has not been changed.

The company has accepted for purchase all of the early tendered notes without applying any scaling factor.

The total consideration includes a $30 early tender premium for each $1,000 of notes tendered by the early tender date.

Holders tendering after the early deadline will be eligible to receive only the tender consideration, which is the total consideration less the early tender premium.

Settlement for the early tendered notes will be on Sept. 29.

The offer expires at 11:59 p.m. ET on Oct. 12, with final settlement planned for Oct. 14.

Because the amount of 2024 notes tendered by the early tender date is equal to the series cap, the company will not accept for purchase any 2024 notes tendered after the early deadline unless it decides to further increase the series cap.

The company expects to fund the tender offer with a combination of internal resources and external financing.

Citigroup Global Markets Ltd. is the dealer manager (+852 2501 2693, liabilitymanagement.asia@citi.com).

Morrow Sodali Ltd. is the information and tender agent (+852 2319 4130, +44 20 4513 6933, 203 609-4910, aac@investor.morrowsodali.com, https://projects.morrowsodali.com/aac).

The company is a Hong Kong based supplier of products to leading mobile phone and consumer electronics makers.

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