HSBC Finance to redeem 2.54% samurai bonds early

New York, Nov. 27 – HSBC Finance Corp. said it will redeem its ¥15 billion of outstanding 2.54% yen bonds – 12th series on Dec. 8, according to an 8-K filing with the Securities and Exchange Commission.

The company will pay par plus a premium of 9.156%.

Announcement of the redemption follows approval by bondholders at a meeting on Nov. 1 of changes to the terms of the debt and a decision by the Tokyo District Court on Nov. 15 that court approval was not required for the amendments.

The bondholder approval shortens the maturity of the bonds from Feb. 16, 2021 and changes the redemption price to par plus 9.156% from par previously.

Holders of 63.3% of the bonds were represented at the meeting and all voted in favor.

HSBC Finance is based in New York and owns and services a portfolio of residential real estate loans.

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