Hong Kong Land issues US$500 million worth of 10-year notes

The notes will earn a coupon of 4.5% per annum, tempted already?

In a news release, Hongkong Land Holdings Limited announced that its wholly-owned subsidiary, the Hongkong Land Company Limited, has priced US$500 million of 10-year Notes that are to be issued through its wholly-owned subsidiary, the Hongkong Land Finance Company Limited in Cayman Islands.

The Hongkong and Shanghai Banking Corporation Limited, Mitsubishi UFJ Securities International plc and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners for the offering.

The proceeds from the issue will be used for general corporate funding requirements. The Notes will pay a coupon of 4.5% per annum. The reoffered price of the Notes has been set at 98.796% to yield 4.652% per annum.

Approval in-principle has been received from the Singapore Exchange Securities Trading Limited for the Notes to be admitted to the Official List of the SGX-ST.

The Notes have been rated A2 and A- by Moody’s and S&P’s, respectively.

John R. Witt, Chief Financial Officer of Hongkong Land said, “This is the second syndicated US dollar issue under the US$3 billion Guaranteed Medium Term Note Programme established in 2009 that is proposed to be listed. The issue, which received strong support from regional and international institutional investors, strengthens further the Group’s capital structure.”