PCCW Wealth provides results for capped tender offer for FWD notes

Chicago, Dec. 12 – PCCW Wealth Ltd. provided the results from its $30 million maximum tender offer for notes issued by FWD Group Ltd., according to an announcement.

The offer covered FWD’s $900 million outstanding 5¾% subordinated notes due 2024 (ISIN: XS2022434364).

The notes were issued in three offerings: $550 million, $250 million and $100 million, all consolidated in one series.

Noteholders tendered $49.5 million of the notes by the expiration time at 11 a.m. ET on Dec. 9.

PCCW will accept $31,085,000 principal amount of the notes. A scaling factor of 53.299% will be applied to the tendered notes.

PCCW was offering 94. Accrued interest will also be paid.

An aggregate consideration of $29,994,434.54 will be paid to buy the notes.

Settlement will take place on Dec. 15.

The rationale for the offer was that the notes offer promising prospects for attractive returns at current market prices and fit well with the principal investment criteria of the offeror.

J.P. Morgan Securities plc is the dealer manager (+852 2800 7632, +852 2800 1032, Liability_Management_HK@jpmorgan.com).

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

PCCW is a Hong Kong-based telecommunications company. Hong Kong-based FWD is the insurance business of investment group Pacific Century Group.

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