Maples Advises Hutchison Port on US$500 Million Notes Offering
- Published
- in Deals
Maples and Calder, the Maples Group’s law firm, is pleased to announce that it advised HPHT Finance (26) Limited, Hutchison Port Holdings Trust (“HPH Trust”) and HPHT Limited on the issue by HPHT Finance (26) Limited, a Cayman Islands exempted company and wholly owned financing subsidiary of HPH Trust, of US$500,000,000 5.125 per cent. Guaranteed Notes due 2031.
The Notes are unconditionally and irrevocably guaranteed by HPH Trust, a business trust constituted under the laws of the Republic of Singapore and one of the world’s leading container port operators, acting through its trustee-manager, Hutchison Port Holdings Management Pte. Limited, and by HPHT Limited, a company incorporated in Hong Kong with limited liability. The Notes were issued at a price of 99.700 per cent. and bear interest at a rate of 5.125 per cent. per annum, payable semi-annually. Application has been made for the listing and quotation of the Notes on the Official List of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Notes are expected to be rated “Baa1” by Moody’s Investors Service Limited and “A-” by S&P Global Ratings.
HPH Trust intends to use the net proceeds of approximately US$495 million to refinance certain indebtedness owed by subsidiaries of HPH Trust, indebtedness falling due in the near term and indebtedness that would provide an economic benefit to HPH Trust upon early repayment, with any remaining proceeds to be applied for general corporate purposes, including the funding of capital expenditures.
Maples and Calder advised on Cayman Islands law in connection with the transaction. The Maples and Calder team was led by Partner, Vivian Lee with Associate, Jordan Southway providing transactional support.
DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited, Mizuho Securities Asia Limited and Standard Chartered Bank (Hong Kong) Limited acted as Joint Bookrunners and Joint Lead Managers. The Bank of New York Mellon, London Branch acted as Fiscal Agent and Principal Paying Agent.
