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Straits reports early consents for S$216.5 million 4.3% notes due 2016
By Toni Weeks
San Luis Obispo, Calif., July 7 – Straits Trading Co. Ltd. said it received tenders for S$215.5 million of its S$225 million of 4.3% notes due 2016 by 5 a.m. ET on July 3, the early consent deadline for its tender offer and consent solicitation, according to an announcement. The company also reported it received consents from holders representing S$216.5 million principal amount of the notes by the early deadline.
As previously reported Straits is conducting a tender offer for any and all of the notes as well as a consent solicitation 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 delivered consents prior to the early consent deadline will 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 said that, based on the voting instructions received by the early consent deadline, it expects to meet the requirements to form a quorum at its July 11 noteholder meeting and that the extraordinary resolution will be approved. 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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