Singapore's Goodpack solicits consents for S$50 million 4.7% notes

By Toni Weeks

San Luis Obispo, Calif., July 16 – Goodpack Ltd. announced it has commenced a consent solicitation for its S$50 million of 4.7% series 006 notes due 2023, according to a company notice.

The notes were issued under the company’s S$600 million multicurrency medium-term note program established June 18, 2010.

The company is seeking approval of noteholders to, inter alia, waive any non-compliance and/or events of default under the trust deed occurring as a result of Goodpack’s acquisition by IBC Capital Ltd.

The company is also asking noteholders to include an option to redeem all of the notes within 60 days of the effective date of the scheme of arrangement under the acquisition.

A meeting will be held on Aug. 8 to consider and vote on the resolutions. The deadline for issuing, amending or revoking a voting instruction is 9 p.m. ET on Aug. 5.

The quorum required at the meeting will be two or more persons present representing at least 75% of the principal amount of notes. If the quorum is not met, an adjourned meeting will be held between 14 and 42 days after the original meeting, at which the quorum will be two or more persons present representing at least 25% principal amount of the notes. The extraordinary resolutions must be passed by 75% of the persons voting.

The company will pay a consent fee of 0.5% of the principal amount for valid voting instructions that are in favor of the resolutions and delivered by the early consent fee deadline. Those who vote in favor of the resolutions after the consent fee deadline will receive the standard consent fee of 0.13%. The consent fee is conditioned on the passing of the resolutions and the execution of the supplemental trust deed.

DBS Bank Ltd. (65 6222 4261) and Oversea-Chinese Banking Corp. Ltd. (65 6318 7016 / 6318 7227 / 6850 5301) are joint solicitation agents for the consent solicitation.

Based in Singapore, Goodpack supplies intermediate bulk containers for bulk packaging.

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