By Rebecca Melvin
Concord, N.H., July 13 – Far East Consortium International Ltd.’s FEC Finance Ltd. subsidiary priced $150 million an additional 5.1% notes due Jan. 21, 2024 at 101.996, according to a regulatory release.
The issuance will be consolidated and form a single series with $235 million of the notes issued on Jan. 21. The combined issue is now $385 million.
The Regulation S notes were issued under Far East’s $2 billion medium-term note program and will be guaranteed by Far East.
Joint lead managers on the issue are Credit Suisse (Hong Kong) Ltd., HSBC Corp. Ltd., UBS AG Hong Kong Branch, Barclays Bank plc, DBS AG Hong Kong Branch, Barclays Bank plc DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd.
Proceeds from the additional notes will be used for refinancing, business development and general corporate purposes of the group.
Far East Consortium is a Hong Kong-based business conglomerate with interests in property development, hospitality and car park operations.
| Issuer: | FEC Finance Ltd.
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| Guarantor: | Far East Consortium International Ltd.
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| Issue: | Guaranteed notes
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| Amount: | $150 million add-on
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| Maturity: | Jan. 21, 2024
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| Bookrunners: | Credit Suisse (Hong Kong) Ltd., HSBC Corp. Ltd., UBS AG Hong Kong Branch, Barclays Bank plc, DBS AG Hong Kong Branch, Barclays Bank plc DBS Bank Ltd. and Oversea-Chinese Banking Corp. Ltd.
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| Coupon: | 5.1%
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| Price: | 101.996
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| Change of control put: | At par
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| Announcement date: | July 13
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| Settlement date: | July 21
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| Distribution: | Regulation S
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| Total deal size: | $385 million
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