Richard Li’s FWD Prices $1.15 Billion of Notes for Buyback

Hong Kong billionaire Richard Li’s FWD Group Holdings Ltd. sold $1.15 billion of dollar bonds to fund a debt repurchase, as the insurer seeks to improve its capital structure and cut borrowing costs.

The $575 million each of five- and 10-year subordinated notes were respectively priced 1.65 and 1.8 percentage points above comparable Treasuries, according to a person familiar with the matter who requested anonymity discussing private matters. The spreads tightened as much as 0.5 percentage point from initial price talk.