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Beijing State-Owned Assets starts capped tender offer for 2025 notes
By Marisa Wong
Los Angeles, July 7 – Beijing State-Owned Assets Management (Hong Kong) Co. Ltd. is inviting holders of its outstanding 4 1/8% notes due 2025 (ISIN: XS1234958459) to tender their notes for purchase for cash up to a maximum purchase amount, according to a notice on Friday.
The maximum purchase amount is expected to be $100 million. However, the offeror may accept significantly more or less than that amount or none of the notes for purchase.
Pricing will be determined through a modified Dutch auction procedure. The minimum purchase price is $985 per $1,000 principal amount, and the maximum purchase price is $1,000 per $1,000 principal amount.
The company will also pay accrued interest.
Tenders may be subject to proration.
The offeror will accept all non-competitive offers – tender instructions that do not specify an offer price or specify an offer price below or equal to the minimum price – if it accepts any competitive offers.
The offer will expire at 11 a.m. ET on July 20.
Settlement will be on July 25.
The dealer manager is BOCI Asia Ltd. (+852 3988 6924; project.stellar2022@bocigroup.com).
Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114; attn.: Mu-yen Lo / Jacek Kusion; bsam@is.kroll.com; https://deals.is.kroll.com/bsam) is the tender and information agent.
The notes were originally issued by Beijing State-Owned Assets Management (Hong Kong) with the benefit of a keepwell and liquidity support deed and a deed of equity interest purchase undertaking provided by Beijing State-Owned Assets Management Co., Ltd.
The Chinese sovereign wealth fund is based in Beijing.
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