Li & Fung announced the early results of its tender offer to buy back all of its $500mn 4.375% 2024s. The Hong Kong based developer said that it received $377.7mn before the early deadline date of November 9. The final deadline is on November 28. Also, its consent solicitation to redeem all of its outstanding 2024s was passed. It received consent from holders of ~$406mn, or 81% of its 2024s, crossing the 75% threshold. Bondholders who tender their notes will be considered to be automatically extending their consent, while those who give their consent but do not tender their notes will receive $50 per $1,000 in principal amount. Consent submitted after the early deadline will not be accepted, however, the notes can still be tendered at $940 per $1,000 in principal.
Li & Fung’s USD 5.25% Perp was up 0.6 points to 50.5 cents on the dollar, yielding 10.4%.
