| To: Business Editor | For immediate release |
Jardine Matheson to Issue US$550 Million Exchangeable Bonds
4th August 2000 -- Jardine Matheson Holdings Limited ("Jardine Matheson") announced today that it plans to raise US$550 million through the issue of exchangeable bonds. The bonds will have a maturity of seven years, will carry a coupon of 4.75% and will be exchangeable into common stock of The Chase Manhattan Corporation ("Chase") at a price of US$63.16, representing a 22.64% premium to the Chase share price at the close of business on 3rd August 2000.
The bonds will be non-callable for three years. They are exchangeable by investors commencing 12 months after issue, with Jardine Matheson having the option to settle in cash or by delivery of Chase shares. Jardine Matheson is to receive some 8.7 million Chase shares, representing approximately 0.7 per cent of the Chase share capital, as part of the proceeds from the sale of Jardine Matheson's interest in Robert Fleming Holdings Limited.
Jardine Matheson announced on 3rd August 2000 that it is making available to its ordinary shareholders a tender offer to return up to US$908 million of capital. The decision to offer a return of capital follows a comprehensive review of the various options available for utilising the proceeds from the Robert Fleming sale. The funds raised from the exchangeable bonds, together with the cash consideration received from the Robert Fleming sale, may be used to fund the tender offer.
Jardine Matheson will not register the bonds under the Securities Act of 1933 and the bonds will be offered and sold in reliance on Rule 144A and Regulation S. The exchangeable bonds may not be offered or sold in the United States without registration or an applicable exemption.
Jardine Matheson is a multinational group of seven core businesses focused primarily on the Asia-Pacific Region. Its operations employ some 150,000 people and its activities are leaders in the fields of supermarkets, consumer marketing, engineering and construction, insurance broking, motor trading, property and hotels. The Group is building its core businesses largely in Asia Pacific with the goal of enhancing shareholder value for the long term.
For further information, please contact:
| Jardine Matheson Limited | |
| Norman Lyle | (852) 2843 8216 |
| Forrest International Limited | |
| Anne Forrest | (852) 2522 6475 |
| David Dodwell | (852) 2501 7902 |
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