By Aleesia Forni
Columbus, Ohio, May 2 - Hutchison Whampoa Ltd. priced a $1 billion issue of subordinate guaranteed perpetual capital securities (Baa2/BBB/BBB) at par with an initial coupon of 6% on Wednesday, according to a market source.
The deal came at a spread of 517.6 basis points over the company's bonds non-callable until 2025.
HSBC and Goldman Sachs were bookrunners for the Rule 144A and Regulation S deal.
Hutchison Whampoa is a Hong Kong-based business conglomerate.
| Issuer: | Hutchison Whampoa Ltd.
|
| Issue: | Subordinate guaranteed perpetual capital securities
|
| Amount: | $1 billion
|
| Maturity: | Perpetual
|
| Bookrunners: | HSBC, Goldman Sachs
|
| Initial coupon: | 6%
|
| Price: | Par
|
| Spread: | 517.6 bps over the company's bonds non-callable until 2025
|
| Initial call dates: May 7, 2017; May 7, 2022
|
| Trade date: | May 2
|
| Settlement date: | May 7
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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