Singapore's BW Group extends early tender date for 6 5/8% notes

By Marisa Wong

Madison, Wis., Jan. 28 - BW Group Ltd. said it received tenders for $300.87 million principal amount, or 60.17%, of its 6 5/8% notes due 2017 as of 5 p.m. ET on Jan. 27, the previously announced early tender date of its cash tender offer.

The company is extending the early tender date to 5 p.m. ET on Jan. 30, according to a Tuesday press release.

The amount tendered so far includes $20 million of notes held by the company.

Of the $500 million total principal amount outstanding, $199.13 million has not been tendered.

The tender offer for any and all of the 6 5/8% notes began on Jan. 13 and will end at 11:50 p.m. ET on Feb. 10.

The company is offering $1,060 per $1,000 principal amount of notes, including an early tender premium of $30.00 for those who tender prior to the amended early tender date. Settlement of the early tenders is now slated for Feb. 7 instead of Feb. 4.

Participating holders will also receive accrued interest.

HSBC Corp. Ltd. is the dealer manager (888 HSBC-4LM; 852 2822 4100; 44 20 7992 6237 or 212 525-5552; liability.management@hsbcib.com). Bondholder Communications Group, LLC is the information and tender agent (888 385-2663; 44 20 7832 4580 or 212 809-2663; bwalker@bondcom.com).

BW is a Singapore-based maritime group. Its subsidiaries operate in the tanker, gas and offshore sectors.

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