By William Gullotti
Buffalo, N.Y., July 26 – Swire Properties MTN Financing Ltd. priced RMB 3.2 billion of green notes in tranches due in 2025 and 2028 (A2) at par, according to a listing notice with appended pricing supplements on Wednesday.
Both tranches of Regulation S notes are issued under Swire’s $4 billion medium-term note program and guaranteed by parent company Swire Properties Ltd.
HSBC Ltd., Bank of China (Hong Kong) Ltd., Merrill Lynch (Asia Pacific) Ltd., Industrial and Commercial Bank of China (Asia) Ltd. and Mizuho Securities Asia Ltd. are the managers for both tranches of the syndicated offering.
Proceeds will be used to fund or refinance eligible investments in accordance with the guarantor’s green bond framework.
Listings for both tranches are expected on the Hong Kong Exchange effective July 26.
Swire Properties is a Hong Kong-based commercial property developer.
| Issuer: | Swire Properties MTN Financing Ltd.
|
| Guarantor: | Swire Properties Ltd.
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| Amount: | RMB 3.2 billion
|
| Issue: | Green notes
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| Managers: | HSBC Ltd., Bank of China (Hong Kong) Ltd., Merrill Lynch (Asia Pacific) Ltd., Industrial and Commercial Bank of China (Asia) Ltd., Mizuho Securities Asia Ltd.
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| Trustee: | Citibank, NA, London Branch (as principal paying agent, transfer agent and registrar)
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| Counsel to issuer: | Slaughter and May
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| Counsel to managers: | Allen & Overy
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| Pricing date: | July 18
|
| Issue date: | July 25
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| Listing date: | July 26
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| Rating: | Moody’s: A2
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| Distribution: | Regulation S
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|
|
| 2025 notes
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| Amount: | RMB 2.5 billion
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| Maturity: | July 2025
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| Coupon: | 3.3%
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| Price: | Par
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| Yield: | 3.3%
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| ISIN: | HK0000938867
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|
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| 2028 notes
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| Amount: | RMB 700 million
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| Maturity: | July 2028
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| Coupon: | 3.55%
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| Price: | Par
|
| Yield: | 3.55%
|
| ISIN: | HK0000938859
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