By William Gullotti
Buffalo, N.Y., March 3 – Sun Hung Kai & Co. (BVI) Ltd., a subsidiary of Sun Hung Kai & Co. Ltd., priced an additional $75 million of 5% notes due Sept. 7, 2026, according to a listing notice with an appended offering circular on Thursday.
The additional notes, priced at par plus interest from the initial issue date to March 2, will be consolidated with the original $375 million notes issued Sept. 7, 2021 to form a single series.
As with the initial issue, the notes are issued under the company’s $3 billion guaranteed medium-term note program and guaranteed by the parent company.
The notes are only callable for taxation reasons at par plus interest. Noteholders will also be able to exercise a change-of-control put at 101 plus interest.
Serving as joint global coordinators and joint bookrunners are Standard Chartered Bank, China Citic Bank International Ltd. and Bank of China (Hong Kong) Ltd.
Proceeds from the add-on will be used for refinancing existing debt and for general corporate purposes.
The listing for the additional Regulation S notes is expected on March 3 on the Stock Exchange of Hong Kong Ltd.
Sun Hung Kai is a Hong Kong-based financial and securities holding company.
| Issuer: | Sun Hung Kai & Co. (BVI) Ltd.
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| Guarantor: | Sun Hung Kai & Co. Ltd.
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| Amount: | $75 million
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| Issue: | Notes, add-on
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| Maturity: | Sept. 7, 2026
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| Bookrunners: | Standard Chartered Bank, China Citic Bank International Ltd., Bank of China (Hong Kong) Ltd.
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| Counsel to issuer: | Clifford Chance (England), Maples and Calder (Hong Kong) LLP (BVI)
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| Counsel to underwriters: | Linklaters (England), Zhong Lun Law Firm (China)
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| Coupon: | 5%
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| Price: | Par plus accrued interest from, and including, Sept. 7, 2021 up to, but excluding, the issue date
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| Yield: | 5%
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| Call: | For taxation reasons only at par plus interest
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| Change of control: | At 101 plus interest
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| Pricing date: | Feb. 23
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| Issue date: | March 2
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| Listing date: | March 3
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| Distribution: | Regulation S
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| ISIN: | XS2377388702
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| Original issue: | $375 million issued on Sept. 7, 2021
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