Straits holders tender S$216.75 million 4.3% notes due 2016 in offer

By Susanna Moon

Chicago, July 9 – Straits Trading Co. Ltd. said investors had tendered S$216.75 million of its S$225 million of 4.3% notes due 2016 by the end of the offer at 10 p.m. ET on July 8.

At the end of the offer, S$750,000 principal amount of the notes remained outstanding, but the holders of those notes have submitted voting instructions and votes for all S$750,000 notes in favor of the extraordinary resolution, bringing the tally to S$217.5 million principal amount of notes in favor of the company’s proposed measure, according to a company press release.

The company said on July 7 that it had received tenders for S$215.5 million of the notes by 5 a.m. ET on July 3, the early consent deadline for its tender offer and consent solicitation. It had received consents from holders representing S$216.5 million principal amount of the notes by the early deadline.

As previously reported, Straits sought consents to allow it to call the outstanding notes upon one day’s notice at par plus accrued interest.

Holders who delivered consents by the early deadline will receive an early consent fee of 0.5%. Those who delivered consents after the early deadline 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 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) was the dealer manager. Deutsche Bank AG, Singapore Branch (65 6423 5970/4091/5982/8232 or tenderagent_stc@list.db.com) was the tender agent.

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

© 2015 Prospect News.
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