First Pay: 2026-10-13; Redemption: 2031-01-13; Registration: Reg S Only; Comments: CHF675m PNC5.25 cpn fxd-rate-reset 6.25% at 99.965, yld 6.25%. CoC: Yes. Reset Date: 4/13/2031. Initial Spread: 253.3bp. B&D: HSBC;
Guarantor(s)
CAS Holding No 1 Ltd
Use of Proceeds
The net proceeds are intended to be on-lent to the PCCW Group to redeem the outstanding securities, which includes funding the purchase of the perpetual subordinated guaranteed securities validly tendered for purchase pursuant to the concurrent tender offer announced by the Guarantor on 5 January 2026