Founder Securities unit accepts tenders for $88.71 million 6.9% bonds

By Sarah Lizee

Olympia, Wash., June 30 – Hong Kong’s Founder Securities (Hong Kong) Financial Holdings Ltd. unit First FZ Bond Ltd. announced the results of its cash tender offer for its $188.71 million 6.9% guaranteed bonds due 2020 (ISIN: XS1892347086), according to a notice.

The company said it has decided to accept $88.71 million, or 82.26%, of the bonds validly tendered for purchase under the offer.

The purchase price was set at $1,000 per $1,000 of notes. The company will also pay accrued interest of $9.583333 per $1,000 note.

As previously reported, the minimum purchase price was set at $950 per $1,000 of notes, and the maximum purchase price at $1,000 per $1,000 of notes.

The offer price was determined through a modified Dutch auction procedure in increments of $2.50 per $1,000 principal amount above the minimum purchase price but less than or equal to the maximum purchase price.

The offer expired at 11 a.m. ET on June 29. Settlement is expected for July 6.

The company said the purpose of the offer is to improve and extend its debt maturity profile.

Founder Securities (Hong Kong) Ltd. (852 3798 3333 or gcm@hkfoundersc.com) is acting as the dealer manager and D.F King Ltd. (+44 20 7920 9700, +852 3952 7208 or firstfz@dfkingltd.com) is acting as the information and tender agent.

The financial services company is based in Hong Kong.

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