By William Gullotti
Buffalo, N.Y., Dec. 7 – FWD Group Holdings Ltd. priced $325 million of 7.784% 10-year notes (Baa2//BBB) at par, according to a listing notice with an appended pricing supplement on Thursday.
The notes are issued under the group’s $5 billion global medium-term note and capital securities program.
FWD may exercise a make-whole call at any time, payable at Treasuries plus 50 basis points.
Standard Chartered Bank is the dealer.
Proceeds will be used for general corporate purposes, which may include refinancing the $325 million 5% senior notes due Sept. 24, 2024 issued by FWD Ltd. on Sept. 24, 2014.
Listing for the Regulation S notes is expected on the Hong Kong Exchange effective Dec. 7.
Hong Kong-based FWD is the insurance business of investment group Pacific Century Group.
| Issuer: | FWD Group Holdings Ltd.
|
| Amount: | $325 million
|
| Issue: | Notes
|
| Maturity: | Dec. 6, 2033
|
| Dealer: | Standard Chartered Bank
|
| Coupon: | 7.784%
|
| Price: | Par
|
| Yield: | 7.784%
|
| Call: | Make-whole at Treasuries plus 50 bps; for taxation reasons at par
|
| Pricing date: | Nov. 30
|
| Issue date: | Dec. 6
|
| Listing date: | Dec. 7
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
| Distribution: | Regulation S
|
| ISIN: | XS2730013104
|
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