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Far East Horizon issues US$400M of perpetual capital securities

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Far East Horizon issues US$400M of perpetual capital securities

Far East Horizon Ltd. on Dec. 4 issued US$400 million worth of 5.60% subordinated perpetual capital securities.

The securities were issued through King Talent Management Ltd., a special purpose vehicle wholly owned by Far East Horizon, according to a release.

The securities will have look-back provisions starting from 2027 and the distribution rate will be reset from 2022, Fitch Ratings said Dec. 3. The securities, which are irrevocably and unconditionally guaranteed by Far East Horizon, also have a step-up provision, which could start from 2037.

The company said it will use proceeds from the issuance for working capital and general corporate purposes.

HSBC, Standard Chartered Bank and UBS are serving as joint global coordinators and joint lead managers and, together with Haitong Bank, as joint book runners.