Hysan Development announces results of tender offer, maintains cap

Chicago, April 17 – Hysan Development Co. Ltd. announced the results of its capped tender offer for up to $100 million principal amount of its $850 million of outstanding subordinated guaranteed perpetual capital securities (ISIN: XS2123115029), according to an announcement.

As of the expiration time at 11 a.m. ET on April 16, noteholders tendered $166,855,000 of their notes.

The company is accepting $99,995,000 of the notes, applying a 50.933% scaling factor.

The company was offering $922.50 per $1,000 note. The company will also pay accrued distributions through the settlement date.

Settlement is planned for April 19.

After settlement, there will be $750,005,000 of the notes outstanding.

Funding is coming from the offeror’s operating cash and existing cash on the balance sheet.

J.P. Morgan Securities (Asia Pacific) Ltd. (+852 2800 7632, Liability_Management_HK@jpmorgan.com), Standard Chartered Bank (Hong Kong) Ltd. (+852 3983 8657, GCMLiabilityManagement@sc.com) and UBS AG Hong Kong Branch (+852 2971 8358, ol-liabilitymanagement-asia@ubs.com) are the joint dealer managers.

D.F. King & Co., Inc. is the information and tender agent for the offer (+44 20 7920 9700, +852 3953 7208, Hysan@dfking.com).

The property developer is based in Hong Kong.

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