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Wharf upsize its MTN to US$5 bln

Mar. 1, 2012 (China Knowledge) - The Wharf (Holdings) Ltd<0004>, a subsidiary of Wheelock and Co Ltd<0020>, yesterday said it has increased the cap of a medium-term note program from US$3 billion to US$5 billion or about HK$39 billion effective Mar. 2, 2012.

Hong Kong-listed Wharf upsized the note issue by around 66.7%, said an analyst.

The MTN Program is an efficient funding vehicle to access the international and domestic capital markets in different currencies and amounts from time to time, in a bid to restore the company's funding flexibility.

Wharf recently issued additional notes under the MTN program.

The real estate developer has issued US$400 million worth of unsecured bonds and gathered over ten times in subscriptions, consisting of 82% from the Asian investors and the remaining 18% from the Europe. Coupon rate will be 4.75%, sources reported.

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