Singapore's Fraser and Neave extends early payment to all consenting 5½%, 6% noteholders

By Marisa Wong

Madison, Wis., Jan. 21 - Fraser and Neave, Ltd. announced that it paid an early acceptance fee to all holders of the 5½% notes due 2016 and 6% notes due 2019 issued by F&N Treasury Pte. Ltd. who voted in favor of the extraordinary resolution tabled at the meetings held on Dec. 23, even if their voting instructions were delivered after the early acceptance fee deadline.

Settlement of the early acceptance fee occurred on Monday.

As previously announced, Fraser and Neave sought approval of waivers related to the proposed demerger of its property business from holders of six series of notes: its S$150 million of 3.62% notes due 2015 and F&N Treasury's S$50 million of 2.45% notes due 2015, S$220 million of 2.48% bonds due 2016, S$80 million of 3.15% bonds due 2018, S$108.25 million of 5½% notes due 2016 and S$200 million of 6% notes due 2019.

The company solicited consents in the form of an extraordinary resolution at noteholder meetings on Nov. 14.

According to notices dated Nov. 14, the extraordinary resolution passed at the meetings for the 3.62% bonds, the 2.48% bonds and the 2.45% notes but not at the meetings for the 5½% notes or the 6% notes.

A quorum was not met at the Nov. 14 meeting for the 3.15% bonds. The meeting for the 3.15% bonds was adjourned to Nov. 29. According to a Nov. 29 notice, the extraordinary resolution passed at the adjourned meeting.

Also announced on Nov. 29, the company opted to pay an early acceptance fee to all holders of 3.62% bonds, 2.48% bonds and 2.45% notes who voted in favor of the extraordinary resolution, even if their voting instructions were delivered after the early acceptance fee deadline. The company made a similar announcement about the early acceptance fee for the 3.15% bonds on Dec. 12.

On Dec. 6, Fraser and Neave began a new consent solicitation for the 5½% notes due 2016 and 6% notes due 2019 issued by F&N Treasury Pte. Ltd.

The measures tabled at the most recent meetings for the 5½% notes and 6% notes passed, as previously reported.

DBS Bank was the solicitation agent for the original offer that began on Oct. 28 and for the latest offer for the 5½% notes and 6% notes.

The Singapore company first announced the demerger on Aug. 27.

Fraser and Neave sells soft drinks, beer, dairy products and glass containers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.