Huishang Bank to redeem $888 million 5½% offshore preference shares

By William Gullotti

Buffalo, N.Y., Oct. 12 – Huishang Bank Corp. Ltd. announced it will redeem all of its $888 million 5½% non-cumulative perpetual offshore preference shares issued on Nov. 10, 2016, according to a notice on Monday.

The aggregate price of the redemption will be $936.84 million, reflecting the aggregate principal amount issued plus dividends totaling $48.84 million. Dividends were calculated up to, but excluding, the Nov. 10 redemption date.

Notice was given to shareholders on Oct. 8, and no shares will remain outstanding after the redemption.

Euroclear Bank SA/NV and Clearstream Banking, SA will issue payment for the redeemed shares, and the listing for the shares will be withdrawn effective Nov. 11.

The bank is based in Hefei, China.

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