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Singapore’s Breadtalk gives early consent results for notes due 2023
Chicago, April 3 – Breadtalk Group Ltd. gave early results of its consent solicitation for its S$100 million of 4% notes due 2023 in a news release.
As of 5 a.m. ET on April 3, holders representing S$91,500,000 of principal amount of notes submitted proxy forms to the meeting agent in favor of the extraordinary resolution at the meeting and noteholders representing S$750,000 in principal amount of the notes cast votes against the resolution.
As previously reported, the company was asking noteholders to approve by way of extraordinary resolution waiving provisions of the trust deed and the occurrence of any event of default for the financial periods ended Dec. 31 and to amend the thresholds to provide for a suspension from compliance for the period from Jan. 1, 2020 to March 31, 2021.
Additionally, Breadtalk was seeking to amend the definitions of consolidated interest expense, consolidated secured debt, consolidated tangible net worth, consolidated total asset and consolidated total borrowings to align the definitions with those of the company’s 2019 medium-term note program.
Finally, the issuer was seeking to add a redemption option for all of its. notes.
Based on the voting instructions received at the early consent fee deadline, it is expected that the quorum required for the meetings will be met and the extraordinary resolution will be passed.
The consent solicitation will expire at 2:30 a.m. ET on April 13.
United Overseas Bank Ltd. is the solicitation agent.
Breadtalk is a Singapore-based bakery that operates a chain of retail outlets throughout Southeast Asia and in the Middle East.
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