Hong Kong’s Cheuk Nang sets up HK$2 billion 5% bond program

By Marisa Wong

Madison, Wis., Aug. 26 – Cheuk Nang (Holdings) Ltd. announced it established an up to HK$2 billion medium-term bond program on Tuesday.

Anglo Chinese Securities, Ltd. is the agent.

The first HK$400 million of bonds placed under the program will be priced at 95.24. After that, the company may choose to offer the bonds at a premium or discount of up to 5% per bond.

The bonds will carry a fixed coupon of 5% and will mature on Aug. 26, 2022. They are not callable but will be redeemed at par at maturity.

The company said the purpose of the program is to enhance its flexibility and efficiency for future funding or capital management from a medium- to long-term perspective. Proceeds will be used as general working capital.

Cheuk Nang is a luxury property developer based in Hong Kong.

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