On May 7, 2009, several Cayman Islands-based offshore companies, all of them being wholly-owned subsidiaries of Hutchison Whampoa Limited, announced the commencement of a cash tender offer by each of BVI-registered companies Acelist Limited, Daystep Limited, Ideal zone Limited and Plan Bright Limited, for the listed series of notes. All the named BVI companies also are wholly-owned subsidiaries of Hutchison Whampoa Finance Limited.
The terms and conditions of the tender offer are described in the Offer to Purchase and the Letter of Transmittal dated May 7, 2009. The Cayman Islands companies are collectively offering to purchase up to US$1,500,000,000 aggregate principal amount of Notes.
The term of the tender offer will expire on June 8, 2009, unless extended. Holders must validly tender their notes on or before the “Early Tender Date”, on May 21, 2009, and not withdraw such notes on or before the “Withdrawal Date”, in order to be eligible to receive the applicable Total Consideration.
The Total Consideration for each US$1,000 in principal amount of Notes tendered and accepted for payment pursuant to the tender offer will be determined in the manner described in the offer to purchase, and is equal to the sum of the present value on the date of payment of the applicable tender offer consideration of the principal amount plus the present value on the Settlement Date of all remaining scheduled payments of interest on such principal amount.
In addition to the applicable total consideration, or applicable tender offer consideration, holders whose notes are accepted for purchase will receive a cash payment representing the applicable accrued and unpaid interest up to the Settlement Date.
