By Marisa Wong
Morgantown, W.Va., March 7 – Pacific Century Premium Developments Ltd. priced an additional $70 million of 4¾% bonds due 2022 at par on Tuesday, according to a company announcement.
The new bonds will be consolidated and form a single series with the $500 million of 4¾% bonds due 2022 that priced at par on March 2.
The add-on will be issued on March 9 through indirect wholly owned subsidiary PCPD Capital Ltd.
Pacific Century is the guarantor.
J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Hongkong and Shanghai Banking Corp. Ltd. are joint bookrunners and joint lead managers with China Everbright Securities (HK) Ltd. also a joint lead manager.
Proceeds will be used to service the group’s general corporate debt and for general corporate purposes, including to help fund the group’s development of an all-season resort in Hokkaido, Japan, and the development of a premium grade A office building in Sudirman CBD, Jakarta, Indonesia.
Pacific Century is majority owned by PCCW Ltd. and is engaged in the development and management of premium property and infrastructure projects, as well as investment in premium-grade buildings in the Asia-Pacific region. It is based in Hong Kong.
| Issuer: | PCPD Capital Ltd.
|
| Guarantor: | Pacific Century Premium Developments Ltd.
|
| Issue: | Bonds
|
| Amount: | $570 million, increased from $500 million
|
| Maturity: | March 9, 2022
|
| Bookrunners: | J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Hongkong and Shanghai Banking Corp. Ltd.
|
| Joint lead manager: | China Everbright Securities (HK) Ltd.
|
| Coupon: | 4¾%
|
| Price: | Par
|
| Yield: | 4¾%
|
| Pricing date: | March 2 for original issue, March 7 for add-on
|
| Settlement date: | March 9
|
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