Hutchison Whampoa starts exchange offer for 5.45%, 7% guaranteed notes

By Jennifer Chiou

New York, Sept. 24 - Hutchison Whampoa International (09/16) Ltd. began an offer to exchange its new 4.625% guaranteed notes due Sept. 11, 2015 for the $1.5 billion of 5.45% guaranteed notes due 2010 of Hutchison Whampoa International (03/33) Ltd. and the $1.5 billion of 7% guaranteed notes due 2011 of Hutchison Whampoa International (01/11) Ltd.

Hutchison Whampoa Ltd. unconditionally and irrevocably guarantees the notes.

For each $1,000 principal amount, the company will issue an equal amount of the new notes and will pay an exchange price of $58.98 for the 5.45% notes and $75.67 for the 7% notes, both including accrued interest to the settlement date as well as the early participation premium of $20.00 for those who tender prior to 5 p.m. ET on Oct. 8.

The offer is set to end at midnight ET on Oct. 23.

Notes must be tendered in principal amounts of $100,000 and integral multiples of $1,000 above that amount.

The new notes issued in the offer will be consolidated and will form a single series with the issuer's outstanding $2 billion of the notes issued on Sept. 11.

Settlement is slated for Oct. 28.

The dealer manager is Morgan Stanley (contact Thomas O'Connor at 800 624-1808 or call collect 212 761-5384). D.F. King & Co., Inc. (212 269-5550 or 800 431-9633) is the exchange agent and information agent.

Hutchison Whampoa is a Hong Kong-based infrastructure conglomerate.

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