Towngas to redeem $300 million subordinated securities on Feb. 12

By Mary Katherine Stinson

Lexington, Ky., Dec. 22 – Towngas (Finance) Ltd. will redeem all its $300 million outstanding perpetual subordinated guaranteed capital securities on Feb. 12, according to a notice.

The securities will be redeemed at par plus any distribution accrued to the first call date, including any arrears of distribution and any additional distribution amount.

After redemption, no securities will remain outstanding and the listing will be withdrawn from the Hong Kong exchange.

The securities are guaranteed by parent Hong Kong and China Gas Co., Ltd.

Towngas is Hong Kong’s first public utility.

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