HSBC Holdings on Monday announced the pricing for its offer to buy back four series of subordinated notes, part of a move to manage its regulatory capital.
The cash tender offer is for any and all of the outstanding notes, which have a total principal amount of about $2.8 billion, the company said.
The notes include two series due in 2032, one in 2036, and another in 2038.
HSBC said in February it would no longer count the debt as part of its tier 2 capital, a key measure of a bank's financial strength.
The current offer aims to repurchase notes that were not tendered during a similar exchange and cash offer in 2022, according to a company filing.
The bank set the purchase price for its 7.625% notes due 2032 at $1,158.49 for each $1,000 in principal.
The offer was scheduled to expire later on Monday, with settlement expected on Sept. 11.
HSBC said it would use cash on hand for the buyback and that any repurchased notes will be cancelled.
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HSBC Holdings on Tuesday launched a cash offer to buy back four series of subordinated notes with a total outstanding principal of about $2.8 billion.