FWD to repurchase US$900 million notes via new debts

Local insurer FWD (1828) said it plans to repurchase US$900 million (HK$7.02 billion) in notes by issuing new debt.

The Richard Li Tzar-kai-backed firm has commenced the process to buy back the 2029-due notes with a coupon rate of 8.4 percent. The buyback price is set at US$1,016.5 for US$1,000 in principal amount.

The offer is to optimise the capital structure and cost of financing of FWD, according to a filing on Monday.