First Brands Group debt targeted by Apollo Global Management - report
LONDON - HSBC Holdings plc has announced the pricing terms for its tender offers to purchase four series of outstanding subordinated notes, according to a press release issued Monday.
The banking giant has set specific consideration prices for each series: $1,158.49 per $1,000 principal amount for the 7.625% Subordinated Notes due May 2032, $1,149.12 for the 7.350% Subordinated Notes due November 2032, $1,117.55 for the 6.500% Subordinated Notes due 2036, and $1,146.75 for the 6.800% Subordinated Notes due 2038.
The tender offers, which were launched on September 2, will expire at 5:00 p.m. New York City time today, unless extended. Notes can be withdrawn until the same deadline. Settlement is expected to occur on September 11.
The consideration prices were calculated based on the reference yields of U.S. Treasury securities plus fixed spreads ranging from 100 to 115 basis points, as detailed in the company’s offer documents.
Holders whose notes are accepted will receive the specified consideration amount plus accrued and unpaid interest up to, but not including, the settlement date.
HSBC Bank plc is serving as dealer manager for the offers, which cover notes with a combined outstanding principal amount of approximately $2.78 billion.
Each offer is independent, and HSBC may terminate, modify or waive conditions for any offer without affecting the others, according to the press release statement.
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