HONGKONG LAND ISSUES US$600 M

RNS Number : 5908T

Hongkong Land Hldgs Ld

30 September 2010

 



To: Business Editor                                                          For immediate release

HONGKONG LAND ISSUES US$600 MILLION 15-YEAR NOTES

30th September 2010 - Hongkong Land Holdings Limited today announced that its wholly-owned subsidiary, The Hongkong Land Company, Limited, has priced US$600 million of 15-year Notes that are to be issued through its wholly-owned subsidiary, The Hongkong Land Finance (Cayman Islands) Company Limited.

The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank and UBS acted as Joint Lead Managers and Joint Bookrunners for the offering.

The proceeds from the issue will be used for general corporate funding requirements, including refinancing of existing debt.  The Notes will pay a coupon of 4.5% per annum.  The reoffered price of the Notes has been set at 98.765% to yield 4.615% per annum.  Application has been made to the Singapore Exchange Securities Trading Limited (the 'SGX-ST') for the listing and quotation of the Notes.

The Notes have been rated A2 and A- by Moody's and S&P's, respectively.  On 24th September 2010, Moody's Investors Service upgraded its issuer and senior unsecured debt ratings for The Hongkong Land Company, Limited to A2 from A3 and also upgraded its issuer rating for Hongkong Land Holdings Limited to A3 from Baa1.

John R Witt, Chief Financial Officer of Hongkong Land said, "This is the first syndicated US dollar issue under the US$3 billion Guaranteed Medium Term Note Programme we put in place last year that is proposed to be listed.  This programme has allowed Hongkong Land to move swiftly in raising debt to take advantage of favourable market conditions.  We are very pleased with the excellent response to the issue from regional and international institutional investors."

Hongkong Land is one of Asia's leading property investment, management and development groups with premium commercial and residential property interests across the region.  The Group owns and manages some five million sq. ft of commercial space in Hong Kong that defines the CBD, while in Singapore it has a number of major developments.  Its 78%-owned affiliate, MCL Land, is a Singapore-listed residential developer. Hongkong Land Holdings Limited is incorporated in Bermuda.  It has a premium listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore.  It is a member of the Jardine Matheson Group.

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For further information, please contact:

Hongkong Land Limited

John R Witt (852) 2842 8101

GolinHarris
Sue So (852) 2501 7984

This and other Group announcements can be accessed through the Internet at 'www.hkland.com'.  This announcement may not be distributed, directly or indirectly, in or into the United States, Canada, or Japan.

Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of the Company or the Notes. The SGX-ST assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement.

 

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