Beijing State-Owned Assets settles capped tender offer for 2025 notes

By William Gullotti

Buffalo, N.Y., July 21 – Beijing State-Owned Assets Management (Hong Kong) Co. Ltd. settled its capped tender offer for its outstanding 4 1/8% notes due 2025 (ISIN: XS1234958459), according to an announcement on Friday.

As of the offer expiration at 11 a.m. ET on July 20, noteholders validly tendered a total of $242,614,000 of the notes.

The issuer subsequently decided to increase the maximum purchase amount to $172,388,000 from $100 million.

The purchase price is $985 per $1,000 principal amount, plus accrued and unpaid interest.

The issuer accepted tendered notes submitted at offer prices equal to or below the purchase price or pursuant to non-competitive offers, in each case, in full without pro-ration and therefore no scaling factor will be applied.

Settlement has been changed to July 26 from July 25.

After settlement, $354,988,000 aggregate principal amount of the series will remain outstanding.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.