Hutchison Whampoa units wrap Dutch auction offers for 5.45%, 7% notes

By Angela McDaniels

Tacoma, Wash., June 17 - Hutchison Whampoa Ltd. said holders tendered $162,373,000 of Hutchison Whampoa International (03/33) Ltd.'s $1.5 billion 5.45% guaranteed notes due 2010 and $182,806,000 of Hutchison Whampoa International (01/11) Ltd.'s 7% guaranteed notes due 2011 during Dutch auction tender offers that expired at midnight ET on June 16.

Subsidiary Acelist Ltd. offered to purchase up to $750 million of the 5.45% notes, and subsidiary Daystep Ltd. offered to purchase up to $750 million of the 7% notes.

For each $1,000 principal amount, the purchase price is $1,041.25 for the 5.45% notes and $1,068.75 for the 7% notes. In both cases, the price includes a $20.00 premium for notes tendered by 5 p.m. ET on June 2, the early tender date.

Holders will also receive accrued interest to the settlement date, which is expected to be June 18.

The bid price range was $1,035.00 to $1,041.25 for the 5.45% notes and $1,061.25 to $1,068.75 for the 7% notes.

Notes purchased in the offers will not be canceled. Hutchison Whampoa said there are no current plans to transfer the notes to the applicable issuers, but a transfer may occur in the future. In that case, the applicable issuer may or may not decide to cancel the notes.

The tender offers began on May 15.

As previously reported, a tender offer for four additional series of notes ended on June 8. Holders tendered $1,809,080,000 principal amount of notes in the offer to purchase up to $1.5 billion of notes.

Notes covered by that offer were Hutchison Whampoa Finance (CI) Ltd.'s $500 million 7.5% guaranteed notes due 2027, Hutchison Whampoa International (03/33)'s $1.5 billion 7.45% guaranteed notes due 2033 and $2 billion 6.25% guaranteed notes due 2014 and Hutchison Whampoa International (03/13) Ltd.'s $3.5 billion 6.5% guaranteed notes due 2013.

Morgan Stanley (800 624-1808 or collect 212 761-5384; attn: Thomas O'Connor) was the dealer manager for the Dutch auction tender offers, and D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 431-9645) was the information agent.

Hutchison Whampoa is a Hong Kong-based infrastructure conglomerate.

© 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.