China’s Swire Pacific renews $5 billion medium-term note program

By William Gullotti

Buffalo, N.Y., Oct. 19 – Swire Pacific Ltd. updated and relisted its $5 billion medium-term note program (A3/A-/A-), according to a listing notice with an appended offering circular on Thursday.

As with the previous two consecutive one-year programs, notes will be issued through subsidiary Swire Pacific MTN Financing (HK) Ltd. and guaranteed by the parent company.

HSBC and Morgan Stanley & Co. International plc continue to be the joint arrangers of the program.

They are also serving as joint dealers along with ANZ, Bank of China (Hong Kong), BofA Securities, Barclays, BNP Paribas, BOC International, China Construction Bank (Asia), Citigroup, Credit Agricole CIB, DBS Bank Ltd., Deutsche Bank, ING, JPMorgan, Mizuho Securities, MUFG, SMBC Nikko, Standard Chartered Bank and UBS.

Citibank, NA, via its London and Hong Kong branches, is the principal paying agent, transfer agent, CMU lodging agent and registrar.

Slaughter and May is advising the issuer, with Allen & Overy advising the dealers.

According to the appended circular to the announcement, proceeds from the program will be used for working capital and general corporate purposes.

The Rule 144A and Regulation S program was dated Oct. 18.

Swire Pacific is a Hong Kong-based commercial, retail and residential property developer and manager.

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