SWIRE PACIFIC A (00019.HK): Joint transaction coordinators appointed for potential accelerated exchange transaction of HKD 4.7 billion zero-coupon exchangeable bonds
NewTimeSpace News: On 1 September 2026 (after trading hours), Swire Pacific Limited (stock code: 00019) announced the appointment of J.P. Morgan Securities (Asia Pacific) Limited, Morgan Stanley & Co. International plc and The Hongkong and Shanghai Banking Corporation Limited as joint transaction coordinators, to assist the Company in collecting indications of interest from eligible bondholders willing to sell their bonds, in connection with a potential accelerated exchange transaction in respect of the HKD 4.7 billion zero-coupon exchangeable bonds due 2027 issued by Swire Pacific Finance, a wholly-owned subsidiary of the Company.
As guarantor of the bonds, the Company may purchase bonds at any time and from time to time on the open market or otherwise at any price. Depending on the indications of interest from eligible bondholders, if the Company proceeds with the bond buyback, it will concurrently place a number of Cathay Pacific Airways shares to independent third parties through the joint transaction coordinators, acting as placing agents; the bond buyback and the share placing are collectively referred to as the accelerated exchange transaction. The net effect of the transaction would be to accelerate the exchange of bonds into Cathay Pacific Airways shares, and it would not result in a further reduction of the Company's shareholding in Cathay Pacific Airways beyond what would originally have been expected under the conditions.
If the aggregate principal amount of bonds exchanged, repurchased and cancelled pursuant to the accelerated exchange transaction reaches 90% or more of the original aggregate principal amount of bonds issued, Swire Pacific Finance may exercise its right to redeem all outstanding bonds at their principal amount. The Company will publish further announcement(s) regarding the accelerated exchange transaction in due course, and the transaction may or may not proceed.
NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.
