CSI’s Estate Sky to redeem remaining $163.9 million 5¾% perpetuals

By Mary-Katherine Stinson

Lexington, Ky., Aug. 19 – CSI Properties Ltd. subsidiary Estate Sky Ltd. will exercise its option to redeem in full its remaining $163.9 million 5¾% senior perpetual capital securities (ISIN: XS1586438555) on Sept. 20, according to a company announcement.

The redemption will be at par plus distribution accrued to the call date including any arrears of distribution and any additional distribution.

After the redemption, the securities will be delisted and none will be outstanding.

Between March 31 and Aug. 19, $4.45 million of the perpetuals were repurchased by a subsidiary through on-market transactions at an average price of 97.242.

The original issue on Sept. 20, 2017 was for a total of $200 million, which became callable in 2022.

CSI is a Hong Kong-based investment holding company. Subsidiary Estate Sky is incorporated in the British Virgin Islands.

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