Hong Kong’s Sun Hung Kai tenders for 4¾%, 4.65% notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 4 – Sun Hung Kai Properties Ltd. began cash tender offers for the $361,639,000 of 4¾% guaranteed notes due 2021 and the $550 million of 4.65% guaranteed notes due 2022 issued by Sun Hung Kai Properties (Capital Market) Ltd., according to a notice.

The company is offering par plus accrued interest for each series of notes. A maximum acceptance amount will be determined by the company.

The offers will expire at 10 a.m. ET on Nov. 13.

Settlement will take place on Nov. 15.

Settlement is conditioned on consummation of a proposed offering of benchmark U.S. dollar-denominated senior unsecured notes. The maximum acceptance amount will be determined such that the total consideration for the notes tendered does not exceed the proceeds of the new notes.

Tenders of the 2021 notes will be given acceptance priority over the 2022 notes, and tenders may be subject to proration.

Holders tendering their existing notes may be giving priority in allocation of the new notes.

The minimum tender denomination is $200,000 with integral multiples of $1,000 in excess thereof.

Sun Hung Kai is a Hong Kong-based financial and securities holding company.

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