The pricing of a global bond offering in New York last night Thursday, sees the company finance a simultaneous tender offering that succeeds in achieving a cost-efficient extension of its liability profile. Led by HSBC, Lehman Brothers and Commerce International Merchant Bankers CIMB, the Baa3BBB-rated credit has brought in a new 10-year issue at 99.594%, with a coupon of 7.625% and yield of 7.684%, equating to 295bp over Treasuries.
Market observers say the book closed just about two times subscribed, with a total of $1.1 billion orders, of which investors state that HSBC and Lehman equally contributed $500 million and CIMB $100 million. Under the pre-arranged...
