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HSBC Finance tenders for $1.4 billion of six note series for one week
By Susanna Moon
Chicago, Jan. 8 – HSBC Finance Corp. said it is tendering for about $1.4 billion of six series of notes until 5 p.m. ET on Jan. 16.
The purchase price for three series of notes is fixed for each $1,000 or £1,000 principal amount as follows, and pricing for the other three series will be set at 10 a.m. ET on Jan. 16 using a fixed spread over the yield of the bid side price of the U.S. Treasury security, according to a company announcement:
• £125 million of 6.25% notes due 2019 issued by HSBC Finance with a purchase price of £1,090.37;
• $1,103,669,000 of 6.676% senior subordinated notes due Jan. 15, 2021 issued by HSBC Finance with pricing to be set using the 1.875% U.S. Treasury due Dec. 15, 2020 plus 20 basis points for a hypothetical purchase price of $1,127.21;
• $5 million of 7.19% notes due Aug. 18, 2023 issued by Beneficial Co. LLC, formerly known as Beneficial Corp., with a purchase price of $1,241.71;
• $5 million of 7.16% notes due Sept. 1, 2023 issued by Beneficial with a purchase price of $1,241.61;
• $96,875,000 of 7.625% notes due May 17, 2032 issued by HSBC Finance with pricing based on the 2.25% U.S. Treasury due Nov. 15, 2027 plus 195 bps for a hypothetical purchase price of $1,338.96; and
• $27,262,000 of 7.35% notes due Nov. 27, 2032 issued by HSBC Finance with pricing based on the 2.25% U.S. Treasury due Nov. 15, 2027 plus 155 bps for a hypothetical purchase price of $1,371.32.
The hypothetical purchase price was set using the reference yield as of 10 a.m. ET on Jan. 5.
HSBC Securities (USA) Inc. (888 HSBC-4LM or 212 525-5552) is dealer manager. Global Bondholder Services Corp. (212 430-3774, 866 470-4200, contact@gbsc-usa.com or gbsc-usa.com/HSBC/) is depositary and information agent.
HSBC Finance is based in New York and owns and services a portfolio of residential real estate loans.
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