WTT HK raises US$670m to refinance debt

Enterprise fixed line operator WTT Hong Kong – through parent company WTT Investment – has raised US$670 million with its debut on the international capital markets.

The company has priced US$670 million in senior notes due November 21 2022 at a fixed coupon of 5.5% and priced to yield 5.5% per annum.

WTT Investment plans to use the proceeds of the offering to refinance its existing debt and for general corporate purposes.

The offer saw $3.3 billion in demand from more than 140 investors – a five times oversubscription – and were allocated mainly to Asian investors (76%), and to asset and fund managers by investor type (88%).

“The current bond market is attractive, allowing us to reduce overall borrowing cost as well as optimizing our capital structure for more operational flexibility to execute our strategies,” WTT CEO Vincent Ma said.

“We expect this offering will position us well for a new era of growth. We are confident that we will continue to deliver robust market share growth, expand our customer base with increasing market penetration, and increase our wallet share from existing customers.”

The notes will are expected to be listed on the Singapore stock exchange.

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