| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers H > Headlines for HSBC Finance Corp. > News item |
HSBC Finance gets tenders for $738 million of six series, sets pricing
By Susanna Moon
Chicago, Jan. 17 – HSBC Finance Corp. said investors had tendered about $738 million principal amount of six series of notes in the offer that ended at 5 p.m. ET on Jan. 16.
HSBC said on Jan. 8 that it was tendering for about $1.4 billion of six note series.
Settlement is expected to occur on Jan. 19.
The tender results were as follows with the purchase price for three series of notes fixed for each $1,000 or £1,000 principal amount and pricing for the other three series 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:
• £93,397,000, or 74.72%, of £125 million 6.25% notes due 2019 issued by HSBC Finance with a purchase price of £1,090.37;
• $594,558,000, or 53.87%, of $1,103,669,000 6.676% senior subordinated notes due Jan. 15, 2021 issued by HSBC Finance with pricing set using the 1.875% U.S. Treasury due Dec. 15, 2020 plus 20 basis points for a purchase price of $1,125.17;
• $3.5 million, or 70%, of $5 million 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;
• $3,089,000, or 61.78%, of $5 million 7.16% notes due Sept. 1, 2023 issued by Beneficial with a purchase price of $1,241.61;
• $6,863,000, or 7.08%, of $96,875,000 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 purchase price of $1,328.94; and
• $2,553,000, or 9.36%, of $27,262,000 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 purchase price of $1,360.60.
The tender response excludes $509,000 principal amount of 2021 notes tendered using the guaranteed delivery procedures that will be accepted for purchase if delivered by 5 p.m. ET on Jan. 18, according to a company update on Wednesday.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.