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Singapore’s Frasers to redeem remaining 3.7%, 3.8% notes on Oct. 20
By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Frasers Centrepoint Ltd. said wholly owned subsidiary FCL Treasury Pte. Ltd. will redeem its remaining outstanding 3.7% series 001 notes due 2019 and 3.8% series 002 notes due 2022 on Oct. 20, according to a notice.
The redemption price for the 3.7% notes due 2019 will be 102.85, and the redemption price for the 3.8% notes due 2022 will be 104.6. In each case, the company will also pay accrued interest to, but excluding, the redemption date.
As previously reported, the issuer wrapped a tender offer and consent solicitation for the original S$75 million of 3.7% series 001 notes due 2019 and S$50 million of 3.8% series 002 notes due 2022, on Oct. 2.
As announced Sept. 18, the issuer sought holder approval by extraordinary resolutions to amend the terms of each series to insert a call option to redeem the notes with at least seven business days’ notice.
Holders tendered S$67.75 million principal amount, or 90.33%, of the series 001 notes and S$47.75 million principal amount, or 95.5%, of the series 002 notes.
In terms of the consent bid, investors cast voting instructions for S$68.25 million principal amount, or 91%, of the series 001 notes and S$48.25 million principal amount, or 96.5%, of the series 002 notes.
Based on those voting instructions, Frasers met the quorum required for each meeting and the measure for each note series to pass.
The purchase prices offered in the tender offer were identical to the call redemption prices.
There was also an early consent fee of 0.25% of par and a normal consent fee of 0.125% of par.
The early consent deadline was 5 a.m. ET on Sept. 27.
Frasers Centrepoint, a subsidiary of Frasers and Neave, Ltd., is a residential property developer and retail mall owner and operator in Singapore.
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