hutchison-gets-solid-response-for-first-bond-tender

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 longest bonds. If more of the longest maturities are tendered before the final deadline on June 8, the pro rata acceptance rate of the lowest prioritised 2013 bonds will be reduced accordingly.

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