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Celestial Dynasty ups tender offer cap for 4¼% bonds to $300 million
By Marisa Wong
Los Angeles, May 31 – Celestial Dynasty Ltd. announced the results of its cash tender offer for up to a maximum amount of its $650 million 4¼% senior notes due 2029 (ISIN: XS2009282539) guaranteed by NWS Holdings Ltd. The offer began on May 19 and expired at 11 a.m. ET on May 27.
Celestial Dynasty has decided to accept for purchase $300 million of the notes at $940 per $1,000 principal amount, according to a Monday announcement.
The final acceptance amount represents about 47% of the $635.95 million aggregate principal amount outstanding as of May 30. The final acceptance amount exceeds the $150 million maximum acceptance amount set at the beginning of the offer.
The tender offer was conducted as a modified Dutch auction. The minimum purchase price was $940 per $1,000 note. Tender instructions from noteholders were either competitive or non-competitive.
A scaling factor of 74.5047% will be applied to the notes that are the subject of non-competitive offers, and no competitive offers specifying an offer price higher than the purchase price will be accepted.
In addition to the purchase price, the company will pay accrued interest to but excluding the settlement date, which is expected to be June 1. Accrued interest is $18.180556 per $1,000 of notes accepted for purchase.
After settlement, $335.95 million principal amount of the notes will remain outstanding.
The company conducted the tender offer to optimize the capital structure and cost of financing of the guarantor.
Merrill Lynch (Asia Pacific) Ltd. is the dealer manager (+44 20 4513 6933, +852 2319 4130, nwsholdings@investor.morrowsodali.com, https://bonds.morrowsodali.com/nwsholdings).
Morrow Sodali Ltd. is the information and tender agent (+852 3508 3739, +44 20 7996 5420, DG.LM-EMEA@bofa.com).
Hong Kong-based NWS Holdings operates businesses in infrastructure, facilities rental, construction-related contracting and public transport.
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