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AAHK Prices ~US$7B Equivalent Multi-Currency Senior Notes Offering, Largest Scale in HK History
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The Airport Authority Hong Kong (AAHK) announced that it has successfully priced around US$7 billion Equivalent Multi-Currency Senior Notes Offering in HKD, RMB and USD. The HKD notes and the RMB Notes are in Regulation S format under AAHK's US$8 billion Medium Term Note Programme, and the USD Notes are in Regulation S/Rule 144A format. The $18.5 billion HKD offering marks the largest ever HKD public bond offering to-date, and the 30-year HKD tranche is the longest ever public HKD bond issued globally. The combined tranches of all Notes aggregate around US$7 billion equivalent, representing the largest ever public bond offering from a Hong Kong issuer. The Notes were well-received by investors including sovereign wealth funds, asset managers, corporations, banks and insurance companies, with combined peak orderbook over US$25.6 billion equivalent, representing an oversubscription rate of 3.7 times. The AAHK successfully raised the amount of financing it targeted and will use the net proceeds from the issues of the HKD Notes and USD Notes to refinance existing indebtedness, to fund its capital expenditure, and for other general corporate purposes. The net proceeds from the issue of the RMB Notes is mainly for capital injections and investments in its investment projects and for other general corporate purposes. AAStocks Financial News |
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