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HSBC: Holders tender $5.2 million more QBE notes since early deadline
By Susanna Moon
Chicago, June 23 – Hongkong and Shanghai Banking Corp. Ltd. said holders tendered another $5.2 million of the $1 billion outstanding of fixed-rate reset guaranteed exchangeable subordinated callable notes due 2041 issued by QBE Capital Funding III Ltd. and guaranteed by QBE Insurance Group Ltd. since 5 p.m. ET on June 8, the early tender date.
As announced on June 9, holders tendered $456,192,000 of the QBE notes due 2041 by the early tender deadline, and all of those notes were accepted for purchase.
The total purchase price will be $1,148.57 per $1,000 principal amount of notes tendered by the early deadline, which includes an early tender premium of $50.00 per $1,000 of notes.
The purchase price will be $1,098.57 per $1,000 principal amount of notes tendered after the early deadline.
Pricing was set at 10 p.m. ET on June 8 using a spread of 270 basis points over the 1.375% Treasury due April 30, 2021.
The calculation used the sum of all remaining payments of principal and interest up to and including May 24, 2021, the first interest rate reset date of the notes.
HSBC will also pay accrued interest on notes purchased up to but excluding the settlement date, which will be June 9 for early tenders and June 23 for remaining tenders.
The tender ended at 11:59 p.m. ET on June 22.
HSBC said on May 25 that it was offering to buy $600 million of QBE’s notes.
QBE said it is carrying out the offer in order to “help enhance the efficiency of the company’s capital base.”
Hongkong and Shanghai Banking Corp. Ltd. (+852 2822 28781, 212 525-5552 or 888 HSBC-4LM), Morgan Stanley & Co. LLC (212 761-1057, 800 624-1808 or LMGNY@morganstanley.com) and National Australia Bank Ltd. (+61 2 9237 9518 or nicholas.chaplin@nab.com.au) are dealer managers. D.F. King & Co., Inc. (212 269-5550, 866 620-8437 or qbe@dfking.com) is tender agent.
QBE is a Sydney, Australia-based insurance company.
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