Sun Hung Kai & Co completes exchange offering

Investment and consumer finance company extends maturity profile through exchange and new bond offering.
HK private banking investors do show
HK private banking investors do show

Investment and finance company Sun Hung Kai Co extended its maturity profile and locked-in a lower cost of funding with the completion of an exchange offering and new bond on Monday. 

The unrated group issued a new $361.639 million five-year bond after successfully persuading investors to tender $121 million of their existing $350 million 6.375% September 2017 bonds at an exchange price of 105.375%. 

The Reg S transaction is a fairly unusual one given its lack of rating and lack of comparables. However, this did not appear to deter Hong Kong-based private banking investors who accounted for the majority of the $375 million in peak...

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