China’s Sun Hung Kai sets roadshow for new dollar notes

By Christine Van Dusen

Atlanta, May 6 – China’s Sun Hung Kai & Co. Ltd. will set out on May 9 for a roadshow to market a dollar-denominated offering of notes that will be issued concurrent to an exchange offer for its $350 million of 6 3/8% guaranteed notes due 2017, a market source said.

UBS, AMTD and JPMorgan are the joint global coordinators, joint dealer managers and joint bookrunners for the deal. Standard Chartered Bank is a joint dealer manager and joint bookrunner. Sun Hung Kai Financial and China Everbright Securities are co-managers for the Regulation S deal.

The roadshow will be held in Singapore and Hong Kong.

In the exchange offer for the 6 3/8% notes, the company is offering new fixed-rate notes due 2021 at the rate of $1,053.75 of new notes for each $1,000 principal amount of existing notes.

In the exchange, the minimum interest rate on the new notes will be announced on May 12 and the final rate and yield on May 23.

Sun Hung Kai said the exchange is being carried out to extend its debt maturities and reduce its ongoing financing costs.

Sun Hung Kai is a Hong Kong-based financial and securities holding company.

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