By Aleesia Forni
Columbus, Ohio, Jan. 31 - Hutchison Whampoa Ltd. priced a $1 billion add-on to its notes due 2017 and 2022 (A3/A-), a market source said.
Goldman Sachs and HSBC were the bookrunners for the Rule 144A and Regulation S deal.
The offering included a $500 million add-on to Hutchison's 3.5% notes due Jan. 13, 2017 that came to market at 101.287 to yield 3.216%, or a spread of Treasuries plus 250 basis points.
Also part of the sale was a $500 million add-on to the company's 4.625% notes due Jan. 13, 2022 that priced at 99.729 to yield 4.659%, a spread of Treasuries plus 285 bps.
Hutchison priced the original $1.5 billion in two pieces on Jan. 11. The $500 million five-year tranche priced at 99.519 to yield Treasuries plus 275 basis points while the $1 billion 10-year tranche came at a spread of Treasuries plus 275 bps.
Goldman Sachs, HSBC and JPMorgan were the bookrunners for the original offering.
Proceeds from the add on will be used for the refinancing of existing debt and other general corporate purposes.
Hutchison Whampoa is a Hong Kong-based business conglomerate.
| Issuer: | Hutchison Whampoa Ltd.
|
| Amount: | $1 billion
|
| Description: | Add on notes
|
| Bookrunners: | Goldman Sachs, HSBC
|
| Trade date: | Jan. 31
|
| Settlement date: | Feb. 3
|
| Ratings: | Moody's: A3
|
| Fitch: A-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 13, 2017
|
| Coupon: | 3.5%
|
| Price: | 101.287
|
| Yield: | 3.216%
|
| Spread: | Treasuries plus 250 bps
|
|
|
| Ten-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 13, 2022
|
| Coupon: | 4.625%
|
| Price: | 99.729
|
| Yield: | 4.659%
|
| Spread: | Treasuries plus 285 bps
|
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