Investors snapped up $400 million of 10-year bonds offered by First Pacific, a Hong Kong-based investment company, late on Monday night. The company originally planned to borrow just $300 million but, with orders for more than 11 times that amount, it took the opportunity to raise an extra $100 million.
The bonds pay a fixed 6.375% coupon and were issued at par. The company, which has operations in telecommunications, infrastructure, foodstuffs and natural resources, says it will use the proceeds to repay at least $250 million of its floating-rate debt, leaving it with just $50 million of borrowings in floating-rate form. With a 10-year maturity, the new bonds also extend the term of First...
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