Li & Fung starts capped tender offer for 4˝% notes due 2025

Chicago, Nov. 21 – Li & Fung Ltd. started a capped tender offer for up to $250 million of the company’s outstanding 4˝% notes due 2025 (ISIN: XS2214755345), according to an announcement.

There are currently the full $600 million of the notes outstanding. The notes were issued in four parts, an initial $300 million offering in August 2020 and then three $100 million add-on offerings.

The company is offering an early tender consideration of $875 per $1,000 notes, inclusive of a $30 payment that will not be paid to noteholders who tender after the early deadline. Interest will also be paid to the applicable settlement date.

Tenders may be prorated.

The early deadline is 5 p.m. ET on Dec. 5.

Early settlement is planned for Dec. 7.

The offer expires at 11:59 p.m. ET on Dec. 19.

Final settlement is planned for Dec. 21.

The purpose of the tender offer is to reduce the company’s debt.

Morrow Sodali Ltd. is the information and tender agent (+852 2319 4130, +44 20 4513 6933, 203 609-4910, lifung@investor.morrowsodali.com, https://projects.morrowsodali.com/lifung2025).

The dealer managers are Citigroup Global Markets Ltd. (+852 2501 2692, liabilitymanagement.asia@citi.com), DBS Bank Ltd. (+852 2806 5325, liabilitymanagement@dbs.com), MUFG Securities Asia Ltd. (+33 1 70 91 42 79, +852 2860 1609, liabilitymanagement@mufgsecurities.com) and Standard Chartered Bank (+852 3983 8657, Asia-Liability.Management@sc.com).

Li & Fung is a global trading group based in Hong Kong.

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