Published on 10/11/2019 in the Prospect News Emerging Markets Daily.
New Issue: CK Hutchison prices €4.25 billion, £800 million notes in six tranches
By Angela McDaniels
Tacoma, Wash., Oct. 11 – CK Hutchison Group Telecom Finance SA priced €4.25 billion of notes in four tranches and £800 million of notes in two tranches, according to a prospectus.
The notes (expected Baa1/A-/BBB+) are guaranteed by CK Hutchison Group Telecom Holdings Ltd.
The issuer priced the following:
• €1.5 billion of 3/8% series A notes due 2023 at 99.739 to yield 0.441%;
• €1 billion of ¾% series B notes due 2026 at 99.761 to yield 0.788%;
• €1 billion of 1 1/8% series C notes due 2028 at 99.567 to yield 1.176%;
• €750 million of 1½% series D notes due 2031 at 99.565 to yield 1.54%;
• £500 million of 2% series E notes due 2027 at 99.176 to yield 2.113%; and
• £300 million of 2 5/8% series F notes due 2034 at 98.815 to yield 2.722%.
The bookrunners are Citigroup Global Markets Ltd. Hongkong and Shanghai Banking Corp. Ltd., Banca IMI SpA, Barclays Bank plc, BNP Paribas, Credit Agricole CIB, Deutsche Bank AG, London Branch, Goldman Sachs International and UniCredit Bank AG with Citigroup and HSBC as joint global coordinators.
The notes have not been and will not be registered under the Securities Act.
CK Hutchison Group Telecom is a subsidiary of CK Hutchison Holdings Ltd., a multinational conglomerate based in Hong Kong.
| Issuer: | CK Hutchison Group Telecom Finance SA
|
| Guarantor: | CK Hutchison Group Telecom Holdings Ltd.
|
| Issue: | Notes
|
| Amount: | €4.25 billion and £800 million
|
| Bookrunners: | Citigroup Global Markets Ltd. Hongkong and Shanghai Banking Corp. Ltd., Banca IMI SpA, Barclays Bank plc, BNP Paribas, Credit Agricole CIB, Deutsche Bank AG, London Branch, Goldman Sachs International and UniCredit Bank AG
|
| Co-managers: | Australia and New Zealand Banking Group Ltd., Banco Bilbao Vizcaya Argentaria, SA, Banco Santander, SA, Bank of China (Hong Kong) Ltd., Bank of Communications Co., Ltd., Luxembourg Branch, China Construction Bank (Asia) Corp. Ltd., DBS Bank Ltd., ING Bank NV, Landesbank BadenWurttemberg, Mediobanca Banca di Credito Finanziario SpA, Merrill Lynch (Asia Pacific) Ltd., Mizuho Securities Europe GmbH, Morgan Stanley & Co. International plc, Natixis, NatWest Markets plc, Oversea-Chinese Banking Corp. Ltd., Raiffeisen Bank International AG, Skandinaviska Enskilda Banken AB (publ), SMBC Nikko Capital Markets Ltd., Standard Chartered Bank and United Overseas Bank Ltd., Hong Kong Branch
|
| Pricing date: | Oct. 10
|
| Issue date: | Oct. 17
|
| Expected ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: BBB+
|
|
|
| Series A notes
|
| Amount: | €1.5 billion
|
| Issue: | Series A notes
|
| Maturity: | Oct. 17, 2023
|
| Coupon: | 3/8%
|
| Price: | 99.739
|
| Yield: | 0.441%
|
| Call option: | At par beginning Sept. 17, 2023
|
|
|
| Series B notes
|
| Amount: | €1 billion
|
| Issue: | Series B notes
|
| Maturity: | April 17, 2026
|
| Coupon: | ¾%
|
| Price: | 99.761
|
| Yield: | 0.788%
|
| Call option: | At par beginning Jan. 17, 2026
|
|
|
| Series C notes
|
| Amount: | €1 billion
|
| Issue: | Series C notes
|
| Maturity: | Oct. 17, 2028
|
| Coupon: | 1 1/8%
|
| Price: | 99.567
|
| Yield: | 1.176%
|
| Call option: | At par beginning July 17, 2028
|
|
|
| Series D notes
|
| Amount: | €750 million
|
| Issue: | Series D notes
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| Maturity: | Oct. 17, 2031
|
| Coupon: | 1½%
|
| Price: | 99.565
|
| Yield: | 1.54%
|
| Call option: | At par beginning July 17, 2031
|
|
|
| Series E notes
|
| Amount: | £500 million
|
| Issue: | Series E notes
|
| Maturity: | Oct. 17, 2027
|
| Coupon: | 2%
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| Price: | 99.176
|
| Yield: | 2.113%
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| Call option: | At par beginning July 17, 2027
|
|
|
| Series F notes
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| Amount: | £300 million
|
| Issue: | Series F notes
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| Maturity: | Oct. 17, 2034
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| Coupon: | 2 5/8%
|
| Price: | 98.815
|
| Yield: | 2.722%
|
| Call option: | At par beginning July 17, 2034
|
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