Straits Trading seeks consents for S$225 million 4.3% notes due 2016

By Toni Weeks

San Luis Obispo, Calif., June 18 – Straits Trading Co. Ltd. began a consent solicitation for any and all of its S$225 million of 4.3% notes due 2016, according to an announcement.

The company is seeking consents to allow it to, upon one day’s notice, redeem all or some of the outstanding notes, other than those that have already been accepted for purchase, at par plus accrued interest.

Holders who deliver consents prior to 5 a.m. ET on July 3, the early consent deadline, will be eligible to receive an early consent fee of 0.5%. Holders who deliver consents after the consent deadline but before the expiration deadline, 10 p.m. ET on July 8, will receive a consent fee of 0.25%.

The company will hold a noteholders’ meeting on July 11 for purposes of voting on the proposal. At the meeting, two or more persons representing not less than 75% of the principal amount of the notes must be present to form a quorum, and at least 75% of the votes cast at the meeting must be in favor of the proposal to pass it.

The notes were originally issued under the company’s S$500 million multi-currency debt issuance program established on Oct. 13, 2011.

DBS Bank Ltd. (65 6222 4261 or liabilitymanagement@dbs.com) is the dealer manager. Deutsche Bank AG, Singapore Branch (65 6423 5970/4091/5982/8232 or tenderagent_stc@list.db.com) is the tender agent.

Singapore-based Straits does business in real estate, hospitality, resources and investments throughout the Asia Pacific region.

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