17 October 2007
Successful Completion of Bondholders Consent Solicitation
The Kowloon-Canton Railway Corporation (KCRC) is pleased to announce that the holders of the Corporation's bond issues have consented to slight changes to existing documents in connection with the merger of the two rail systems.
The Chief Executive Officer of KCRC, Mr James Blake said, "It is very encouraging to see further evidence of the high level of acceptance of the merger, in this case the continuing support for all of the Corporation's bond issues. The results demonstrate that bondholders are confident as to the successful future of the KCR and rail business in Hong Kong which underpins KCRC's ongoing commitment to its bondholders."
Mr Blake thanked those involved, especially the many banks and legal firms including the HSBC in their role as the agent. Without this it would have been impossible to complete successfully the exercise which has involved a complicated process to identify the bondholders, and the subsequent documentation to obtain their consent.
Currently, there are six KCRC bond issues on the market, three in US dollar and 3 in HK dollar with a combined total value of about HK$17.8 billion due to mature between July 2009 and November 2014.