| Immediate Release | 1 September, 2016 |
(1 September, 2016 - Hong Kong) Far East Consortium International Limited ("FEC" or the "Group"; SEHK: 35) is delighted to announce that it has entered into a subscription agreement to issue US$300 Million 3.75 percent 5-year Notes due 2021 under the Medium Term Note Programme ("Proposed Notes Issue" or "Notes"). The Proposed Notes Issue represents a very successful fundraising by FEC in the international capital markets.
The 5-year Notes will be issued at 100% and mature on 8 September 2021 and will bear interest at the rate of 3.75% per annum payable semi-annually in arrear on 8 March and 8 September in each year. They are expected to be issued on or about 8 September 2016, and are expected to be listed on Hong Kong Stock Exchange on or about 9 September 2016. The Proposed Notes Issue will extend the debt maturity profile of the Group.
The estimated net proceeds from the issue of the Notes, after deduction of commission and administrative expenses, will approximately be US$297,000,000 (approximately HK$2,316,600,000). The Issuer intends to apply the net proceeds from the issue of the Notes for the Group's business development and general corporate purposes.
Barclays, Credit Suisse, DBS Bank Ltd., Deutsche Bank and HSBC are Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners; AMTD, Guotai Junan International, Haitong International and OCBC Bank are Joint Lead Managers and Joint Bookrunners in respect of the Proposed Notes Issue.
The Group has also announced its first quarter pre-sales. It has recorded pre-sales (adjusted for foreign exchange movement) of HK$3.9 billion for the period from 1 April 2016 to 31 July 2016, with cumulative pre-sales reaching a record high HK$9.8 billion as at 31 July 2016, having recognised HK$1.0 billion as revenue and another HK$0.6 billion as disposal of investment properties for the same period.
Mr. Chris Hoong, Managing Director of the Group said: "The overwhelming response in the offering demonstrates the confidence of our investors in FEC's credit profile and future growth potential. We express our sincere thanks to the support shown by our investors in the global investment community."
About Far East Consortium International Limited
Far East Consortium International Limited was listed on the Hong Kong Stock Exchange in 1972 (HKEx stock code: 35.HK). The Group is mainly engaged in property development and investment, hotel operation and management, as well as car park and facilities management. The Group adopts diversified regional strategy and the "Chinese Wallet" strategy with business covering Hong Kong, Mainland China, Australia, Malaysia, Singapore, the United Kingdom and New Zealand.
FEC official website:
www.fecil.com.hk
FEC WeChat and Weibo:
http://www.weibo.com/u/5703712831
For further information, please contact:
Far East Consortium International Limited
Ms. Venus Zhao, Head of Investor Relations and Corporate Finance
Contact Number: (852)2850 0639
Email: venus.zhao@fecil.com.hk
Wonderful Sky Financial Group
Ms. Alice Wang / Martha Tung
Contact Number: (852)3970 2136 / (852) 3641 1311
Email: fecil@wsfg.hk
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