Admiralty Harbour is a credit-focused financial services firm based in Hong Kong.
Admiralty Harbour completes Exchange Offer and New Issuance for AMTD International
May 2020
On 7 May 2020, Admiralty Harbour completed a series of liability management transactions for AMTD International Inc. (HKIB:NYSE; HKB:SGX, “AMTD” or the “Company”). The transactions not only improved the Company’s debt profile, lowering its borrowing costs, but also helped the company extend its presence in the Singaporean capital market following the Company’s successful listing on the SGX, with its first SGD denominated bond issuance.

As part of its US$1 billion Medium Term Notes Programme, AMTD extended an Offer to Exchange to the holders of its US$200m 7.625% senior perpetual bonds (“Existing Securities”) for new USD or new SGD denominated fixed rate senior perpetual bonds (the “Exchange Offer”). The Exchange Offer expired on 6 May and the Company successfully tendered 40% of outstanding Existing Securities for exchange.

Concurrently, AMTD proposed a new money issuance on the same terms as the new bonds to be issued pursuant to the Exchange Offer. All in all, the company issued US$200m 7.25% senior perpetual bonds and SG$50m 4.5% senior perpetual bonds, raising additional funds totaling over US$186m in the combined transaction. This was also the first dual-currency new issuance of perpetual bonds in recent years.