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Bank of China Hong Kong reports tenders of $876.75 million 5.55% notes after announcing pricing
By Wendy Van Sickle
Columbus, Ohio, Sept. 11 – Bank of China (Hong Kong) Ltd. said it accepted tenders of $876,749,000 of its $2.5 billion of 5.55% subordinated notes due 2020 in its tender offer for any and all of the notes.
Tender instructions for $65,000 of notes were received under the guaranteed delivery procedures, according to a press release.
The offer began on Aug. 30 and expired at 5 p.m. ET on Sept. 11.
Earlier on Sept. 11, the company announced pricing of the offer.
The tender consideration is $1,033.62 per $1,000 principal amount of notes. Pricing, based on a fixed spread of 35 basis points over the reference yield, was set at 10 a.m. ET on Sept. 11.
Holders also will receive accrued interest up to but excluding the settlement date of Sept. 14.
The tender was conditioned on the company having priced a concurrent issue of dollar-denominated undated non-cumulative subordinated additional tier 1 capital securities under its $15 billion medium-term notes program with enough proceeds to fund the offer, as previously announced.
The company said the conditions have all been met or waived.
Citigroup Global Markets Ltd. (+852 2501 2693, +44 20 7986 9000, 212 723-6106, fax +44 20 7986 1842 or liabilitymanagement.asia@citi.com) and Goldman Sachs (Asia) LLC (+852 2978 2519, +44 20 7051 9460, 212 902-8015, fax +852 2978 0440 or aej_syndicate@gs.com) are the dealer managers. D.F. King Ltd. (+44 20 7920 9700, +852 3953 7231, 212 269-5550, bochk@dfkingltd.com or https://sites.dfkingltd.com/bochk/) is the information and tender agent.
Bank of China is based in Beijing.
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