Far East Consortium International Ltd. unit FEC Finance Ltd. is offering US$250 million of senior guaranteed perpetual notes under its US$1 billion guaranteed medium-term note program.
The 5.1-year notes are scheduled to be issued on or about Sept. 12. The notes will carry an initial distribution rate of 7.375% per year, payable semiannually in arrears, commencing April 18, 2020. The rate will be initially reset Oct. 18, 2024, while the distribution rate will be reset with a step-up margin of 300 basis points per year.
Far East Consortium will use estimated net proceeds of roughly US$247.5 million for business development, general corporate purposes and refinancing of existing debt.
Credit Suisse (Hong Kong) Ltd., DBS Bank Ltd., Guotai Junan Securities (Hong Kong) Ltd., The Hongkong and Shanghai Banking Corp. Ltd., and UBS AG's Hong Kong branch are the joint global coordinators for the offering. They are also joint lead managers alongside AMTD Global Markets Ltd., BNP Paribas, Haitong International Securities Co. Ltd., Oversea-Chinese Banking Corp. Ltd. and Mizuho Securities Asia Ltd.
