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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