The CI company Hutchison Whampoa International Limited and the BVI-registered Hutchison Whampoa International , which are the wholly-owned subsidiaries of Hong Kong-incorporated Hutchison Whampoa Limited, announced the expiration and final results of two previously announced cash tender offers - one by Acelist Limited and the other by Daystep Limited. Each of these companies is a British Virgin Islands business company and a wholly-owned subsidiary of the HK parent company.
The tender offers, each for up to US$750,000,000 aggregate principal amount of the applicable Series of Notes at a purchase price per US$1,000 principal amount of such Series of Notes determined by the modified procedure described in the Offer to Purchase in May 2009, expired on June 16, 2009.
The BVI-registered Acelist Limited has accepted for purchase the 2010 Notes, the aggregate principal amount of which was US$162,373,000 pursuant to the tender offer. Another BVI company, Daystep Limited, has accepted for purchase all of the 2011 Notes, the aggregate pirncipal amount of which pursuant to the tender offer was US$182,806,000.
Showing posts with label Tender. Show all posts
Showing posts with label Tender. Show all posts
Tuesday, August 4, 2009
Friday, May 8, 2009
CI-based companies make cash tender offer to a group of BVI companies
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.
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.
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