Beijing State-Owned Assets starts capped tender for 4 1/8% notes

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – Beijing State-Owned Assets Management (Hong Kong) Co. Ltd. began a capped tender offer for its $700 million 4 1/8% notes due 2025 (ISIN: XS1234958459), according to a notice.

The maximum purchase amount is expected to be $100 million principal amount of the notes, but the offeror has the discretion to accept more or less than that amount.

The company is offering a purchase price of 100.1. The issuer will also pay accrued interest.

The offer will expire at 11 a.m. ET on Nov. 29.

Settlement is expected on Dec. 2.

The notes have the benefit of a keepwell and liquidity support deed provided by Beijing State-Owned Assets Management Co. Ltd.

Tenders may be accepted on pro rata basis in accordance with the maximum purchase amount.

Tender instructions must be submitted in respect of a minimum principal amount of $200,000 and in integral multiples of $1,000 in excess thereof.

BOCI Asia Ltd. (+852 3988 6311 or project.stellar2022@bocigroup.com) and UBS AG Hong Kong Branch (+852 2971 8888 or ol-gb+-project-stellar-2022@ubs.com) are acting as joint dealer managers.

Kroll Issuer Services Ltd. (+44 20 7704 0880, +852 2281 0114 or bsam@is.kroll.com) is tender and information agent.

The issuer is a Chinese sovereign wealth fund based in Beijing.

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