Hutchison gets solid response for first bond tender

Investors tender $1.77 billion of bonds by the early deadline, versus the company's offer to buy back $1.5 billion. The majority of the bonds tendered are in the shortest maturities.

Hutchison Whampoa announced on Friday that the tender offer it launched on May 7 was oversubscribed by the early tender deadline of last Thursday, meaning it will definitely buy back the full $1.5 billion worth of bonds.

How much it will buy from each issue won't be finalised until after the deal closes, however. As of now, the majority of the bonds tendered are in the shortest maturities, while the company has said it will prioritise buying back the two...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: bonds | tender | conglomerate | morgan stanley

Print Edition

FinanceAsia Print Edition