HPH Trust Issuing Notes
- Business & Finance
Singapore-listed container port business trust Hutchison Port Holdings Trust (HPH Trust) is raising funds through issuance of notes seeking to refinance its subsidiaries’debts.
HPH Trust has through its subsidiary HPHT Finance issued the USD 500,000,000 guaranteed notes due 2018 and USD 500,000,000 guaranteed notes due 2020.
The notes due 2018 are issued at an issue price which is 99.787% of the principal amount and in denominations of USD 200,000, whereas the notes due 2020 are issued at an issue price which is 99.529% of the principal amount and in denominations of USD 200,000.
As announced, notes due 2018 and the notes due 2020 will bear interest at 2.25% per annum and 2.875% per annum respectively, from 17 March 2015 and be payable semi-annually in arrears. The maturity dates for the notes are 17 March 2018 and 17 March 2020, respectively.
Bank of America Merrill Lynch and the Hongkong and Shanghai Banking Corporation Limited have been appointed as the joint bookrunners and the joint lead managers for the issuance of the notes.
The company has received approval in-principle from Singapore Exchange Securities Trading Limited (SGX-ST) for the listing and quotation of the notes. HPH Trust expects the notes to be listed on the SGXST at 9.00 a.m. on 20 March 2015.
“In the event that HPH Trust determines not to use certain of the proceeds for this purpose, such proceeds will be used for general corporate purposes, including the funding of capital expenditures,” the Trust said.
HPH Trust’s portfolio consists of interests in deep-water container port assets located in Hong Kong and Shenzhen, PRC, as well as certain port ancillary services and the economic benefits of river ports complementary to the deep-water container ports operated by HPH Trust.