Le Lézard
Classified in: Business
Subject: OFR

Li & Fung Limited (the Company) announced an invitation to the holders (the Noteholders) of its US$750,000,000 5.250 per cent. notes due 13 May 2020 (the Notes) to offer to tender any and all such Notes for purchase by the Company for cash


HONG KONG, Sept. 22, 2019 /PRNewswire/ -- On 23 September 2019, Li & Fung Limited (the Company) announced an invitation to the holders (the Noteholders) of its US$750,000,000 5.250 per cent. notes due 13 May 2020 (the Notes) to offer to tender any and all such Notes for purchase by the Company for cash in accordance with the procedures, and upon the terms and subject to the conditions set forth in, the tender offer memorandum (as it may be amended or supplemented from time to time, the Tender Offer Memorandum) and subject to the offer restrictions referred to in "Offer and Distribution Restrictions" in the Tender Offer Memorandum. The invitation to tender the Notes for purchase is referred to herein as the "Offer". Capitalised terms used in this announcement but not otherwise defined have the meanings given to them in the Tender Offer Memorandum.

Summary of the Offer

Description of the Notes

ISIN/ Common 
Code

Outstanding 
Principal Amount

Purchase Price

Amount Subject to
Offer

US$750,000,000

5.250 per cent. Notes due 13 May 2020

XS0507147725 /
050714772

US$750,000,000

US$1,018.5 per US$1,000
principal amount*

Any and all

 

*Excluding accrued and unpaid interest on the Notes, if any, from (and including) the immediately preceding interest payment date for such Notes to (but excluding) the Tender Offer Settlement Date in each case determined in accordance with the terms and conditions of the Notes. Accrued and unpaid interest, if any, will be paid in accordance with the provisions set out herein and in the Tender Offer Memorandum.

Rationale for the Offer

The rationale for the Offer is for the Company to proactively address the Notes' maturity date on 13 May 2020, to continue its deleveraging and to optimise the Company's capital structure.

Expected Timetable of Events

The times and dates below are indicative only.

Events

Times and Dates




(All times are London time)



Commencement of the Offer

23 September 2019



Expiration Deadline and Withdrawal Deadline

4.00 p.m. on 2 October 2019



Announcement of Results

3 October  2019



Tender Offer Settlement Date

Expected to be on 4 October 2019

New Issue Priority

The Company has announced a series of fixed income investor meetings commencing on 24 September 2019. Subject to market conditions and customary new issuance processes, a Regulation S only offering (a New Note Offering) of new senior unsecured debt securities (New Notes) under the Company's Medium Term Note and Perpetual Capital Securities Programme may be announced. 

In the event a New Note Offering is announced prior to the Expiration Deadline, the Company will consider among other factors whether the relevant investor seeking an allocation of New Notes has, prior to pricing and allocation of the New Notes (which may be before the Expiration Deadline), validly tendered, or indicated a firm intention to tender, Notes pursuant to the Offer, with an intention to give preference to such eligible investors. Any such preference will be subject to the sole and absolute discretion of the Company and be applicable up to the aggregate principal amount of Notes tendered.

There can be no assurance that any New Note Offering will be announced prior to the Expiration Deadline (or at all). Therefore, there may not be any New Notes issued by the Company for which tendering Noteholders may receive an allocation preference.

Further Information

Noteholders are advised to read carefully the Tender Offer Memorandum for full details of and information on the procedures for participating in the Offer. Copies of the Tender Offer Memorandum are available, subject to offer and distribution restrictions, on the Tender Offer Website: https://sites.dfkingltd.com/lifung

Questions and requests for assistance in connection with the Offer may be directed to the Dealer Managers.

Citigroup Global Markets Limited

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

United Kingdom

Attention: Liability Management

Telephone: +852 2501 2693 (Hong Kong)

+44 20 7986 9000 (London)

+1 212 723 6106 (New York)

E-mail: liabilitymanagement.asia@citi.com

The Hongkong and Shanghai Banking Corporation Limited

Level 17, HSBC Main Building

1 Queen's Road Central

Hong Kong

+852 2822 4100 (Hong Kong)

+44 20 7992 6237 (London)

+1 212 525 5552 (United States)

Email: liability.management@hsbcib.com

Standard Chartered Bank

15/F, Two International Finance Centre, 8 Finance Street

 Central

 Hong Kong

+852 3983 8658 (Hong Kong)

+44 20 7885 5739 (London)

+65 6596 8807 (Singapore)

E-mail: liability_management@sc.com

Questions and requests for assistance in connection with the delivery of Tender Instructions may be directed to the Information and Tender Agent.


D.F. King Limited


In Hong Kong:


In London:

Suite 1601, 16/F, Central Tower


65 Gresham Street

28 Queen's Road Central


London EC2V 7NQ

Central, Hong Kong


United Kingdom

Telephone: +852 3953 7231


By Telephone: (+44) 20 7920 9700


Email: lifung@dfkingltd.com
Website: https://sites.dfkingltd.com/lifung


 

SOURCE Li & Fung Limited


These press releases may also interest you

at 00:35
Perseus Mining Limited ("Perseus" or the "Company") is pleased to announce that it proposes to strengthen its board of Directors with the appointment of Mr David Ransom to the role of non-executive director. At the Annual General Meeting to be held...

at 00:01
The Asia Pacific Exchange (APEX) launched the APEX Argus Bunker Index Singapore LSFO 0.5%S futures contract on Friday 18 October. This contract provides a tool for market participants to hedge price risks associated with marine fuel. The contract...

at 00:00
Sitel Group, a leading global customer experience (CX) management provider that delivers more than 3.5 million customer experiences daily, today announced plans to open its first CX operations and contact center in Athens, Greece in 2020. "We are...

20 oct 2019
New global company introduces digital integration services, advancing constructors' innovative digital workflows SINGAPORE, Oct. 21, 2019 /PRNewswire/ -- The Year in Infrastructure Conference -- Bentley Systems, the leading global provider of...

20 oct 2019
The Year in Infrastructure 2019 Conference -- Bentley Systems, Incorporated, the leading global provider of comprehensive software and digital twin cloud services for advancing the design, construction, and operations of infrastructure, today...

20 oct 2019
Alibaba Group Holding Limited today announced that it will report its unaudited financial results for the quarter ended September 30, 2019 before the U.S. market opens on Friday, November 1, 2019, and will hold a conference call to discuss the...



News published on 22 september 2019 at 22:12 and distributed by: