HSBC Holdings plans issue of perpetual capital securities priced at par of $25

By Andrea Heisinger

Omaha, March 31 - HSBC Holdings plc announced Monday it will price perpetual subordinated capital securities that can be exchanged at the issuer's option into non-cumulative dollar preference shares, according to a 424B2 filing with the Securities and Exchange Commission.

The securities will be priced at par of $25 and are non-callable for five years.

It is a two-day deal and will likely price Tuesday or Wednesday, a source close to the issue said.

Bookrunners are HSBC Securities, Citigroup Global Markets, Merrill Lynch, Pierce, Fenner & Smith Inc., Morgan Stanley & Co. Inc. and UBS Investment Bank.

Co-managers are Wachovia Capital Securities LLC, RBC Capital Markets Corp., ABN Amro Inc., Banc of America Securities LLC, Credit Suisse Securities LLC, Deutsche Bank Securities Inc. and Wells Fargo Securities.

Proceeds will be used to support development and strengthen the company's capital base.

The banking and financial services company is based in London.

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