Beijing State-Owned Assets ups cap on tender offer for 4 1/8% notes

By Marisa Wong

Los Angeles, Nov. 30 – Beijing State-Owned Assets Management (Hong Kong) Co. Ltd. announced the results of its Nov. 15 capped tender offer for its $700 million 4 1/8% notes due 2025 (ISIN: XS1234958459) with the benefit of a keepwell and liquidity support deed provided by Beijing State-Owned Assets Management Co. Ltd., according to a notice.

As of the expiration of the offer at 11 a.m. ET on Nov. 29, holders had tendered a total of $489,299,000 of the notes.

The issuer decided to increase the maximum purchase amount to $149.88 million from $100 million.

The issuer will accept for purchase $149.88 million of the tendered notes with a scaling factor applied.

The company will purchase the notes at 100.1, plus accrued interest.

Settlement will occur on or about Dec. 2.

After that, $550.12 million of the notes will remain outstanding.

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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