By Sarah Lizee
Olympia, Wash., Feb. 24 – Hong Kong’s Far East Consortium International Ltd. subsidiary FEC Finance Ltd. priced an additional $60 million of its 7 3/8% senior guaranteed perpetual capital notes, according to a notice.
The notes will be consolidated and form a single series with the $250 million of notes issued on Sept. 12 and the $50 million add-on issued on Sept. 16.
The notes are guaranteed by Far East Consortium.
HSBC is the manager for the add-on.
The Regulation S notes are being issued under the company’s $1 billion medium-term note program.
The notes can be called starting Oct. 18, 2024 and then on any semiannual distribution payment date thereafter.
Proceeds will be used for business development, general corporate purposes and refinancing of existing debt.
Listing for the add-on notes is expected for Tuesday.
Far East Consortium is a Hong Kong-based business conglomerate with interests in property development, hospitality and car park operations.
| Issuer: | FEC Finance Ltd.
|
| Guarantor: | Far East Consortium International Ltd.
|
| Issue: | Senior guaranteed perpetual capital notes
|
| Amount: | $60 million
|
| Maturity: | Perpetual
|
| Manager: | HSBC
|
| Coupon: | 7 3/8%
|
| First reset date: | Oct. 18, 2024, every five years thereafter
|
| Reset rate: | Treasuries plus 300 bps
|
| First call date: | Oct. 18, 2024 and then any semiannual distribution payment date thereafter
|
| Listing date: | Feb. 25
|
| Distribution: | Regulation S
|
| Total issuance: | $360 million, including $250 million issued on Sept. 12 and $50 million issued on Sept. 16
|
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