Seazen issues $300m notes, offers to buy back existing debt

Seazen Group (HKEX:1030) has announced the issuance of US$300,000,000 in 11.88% senior notes due in 2028. The company intends to use the net proceeds from this Notes Issue to fund concurrent offers to purchase its existing debt. Specifically, Seazen is offering to purchase for cash any and all of its outstanding 4.45% senior notes due in July 2025, as well as a portion of New Metro Global Limited’s 4.625% guaranteed senior notes due in October 2025. The July 2025 notes are being offered at US$1,000 per US$1,000 principal amount, while the October 2025 notes are being offered at US$985 per US$1,000 principal amount, up to a maximum acceptance amount to be announced later. Guotai Junan Securities, Haitong International Securities, Citigroup Global Markets and CLSA Limited are acting as dealer managers for these offers, with Kroll Issuer Services Limited serving as the information and tender agent. The new 2028 notes are expected to be rated B- by Standard & Poor's Rating Services and are slated for listing on the Singapore Exchange (SGX-ST).