By William Gullotti
Buffalo, N.Y., Sept. 17 – Hutchison Port Holdings Trust’s indirect wholly owned subsidiary, HPHT Finance (21) (II) Ltd., issued $500 million of 1˝% five-year guaranteed notes (Baa1/A-) at 99.421, according to a company announcement.
The notes are guaranteed by Hutchison Port Holdings Trust acting through the trustee-manager, Hutchison Port Holdings Management Pte. Ltd., and its wholly owned subsidiary, HPHT Ltd.
Merrill Lynch (Asia Pacific) Ltd., DBS Bank Ltd., HSBC Ltd. and Standard Chartered Bank (Hong Kong) Ltd. are the joint lead managers and joint bookrunners.
Proceeds will be used to refinance debt owed by subsidiaries of HPH Trust, debt maturing in the near term and debt which would provide an economic benefit to the trust.
Listing for the notes is expected on the Singapore Exchange effective Sept. 20.
The port operator is a subsidiary of CK Hutchison Holdings Ltd., a multinational conglomerate based in Hong Kong.
| Issuer: | HPHT Finance (21) (II) Ltd.
|
| Guarantors: | Hutchison Port Holdings Trust (through trustee-manager Hutchison Port Holdings Management Pte. Ltd.) and HPHT Ltd.
|
| Issue: | Guaranteed notes
|
| Amount: | $500 million
|
| Maturity: | Sept. 17, 2026
|
| Bookrunners: | Merrill Lynch (Asia Pacific) Ltd., DBS Bank Ltd., HSBC Ltd. and Standard Chartered Bank (Hong Kong) Ltd.
|
| Coupon: | 1˝%
|
| Price: | 99.421
|
| Call feature: | At par plus accrued interest after Aug. 17, 2026
|
| Issue date: | Sept. 17
|
| Listing date: | Sept. 20
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
