Founder Securities unit tenders for up to $88.71 million 6.9% bonds

By Sarah Lizee

Olympia, Wash., June 15 – Hong Kong’s Founder Securities (Hong Kong) Financial Holdings Ltd. unit First FZ Bond Ltd. offered to purchase for cash up to $88.71 million of its $188.71 million 6.9% guaranteed bonds due 2020 (ISIN: XS1892347086), according to a notice.

The minimum purchase price is $950 per $1,000 of notes, and the maximum purchase price is $1,000 per $1,000 of notes.

The offer price will be determined through a modified Dutch auction procedure in increments of $2.50 per $1,000 principal amount above the minimum purchase price but less than or equal to the maximum purchase price.

Holders will also receive accrued interest.

The offer will expire at 11 a.m. ET on June 29. Settlement is expected for July 6.

Tendered notes may be subject to proration.

The company said the purpose of the offer is to improve and extend its debt maturity profile.

Founder Securities (Hong Kong) Ltd. (852 3798 3333 or gcm@hkfoundersc.com) is acting as the dealer manager and D.F King Ltd. (+44 20 7920 9700, +852 3952 7208 or firstfz@dfkingltd.com) is acting as the information and tender agent.

The financial services company is based in Hong Kong.

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