Singapore’s Straits redeems remaining 4.3% notes after tender offer

By Tali Rackner

Norfolk, Va., July 25 – Straits Trading Co., Ltd. redeemed the remaining S$8.25 million of its 4.3% notes due 2016 following a tender offer, according to a press release.

The notes were redeemed at par plus accrued interest on Friday.

As previously announced, the company said the measure tabled at the meeting July 11 of holders of its S$225 million of 4.3% notes had been passed without any amendment.

The company accepted all of the S$216.75 million notes tendered in the offer, with settlement on for July 18.

After settlement, S$8.25 million principal amount of the notes remained outstanding.

The company also said it entered into a supplemental trust deed to add the call option in the note terms.

The company previously said that, based on the voting instructions received by the early consent deadline, it expected to meet the requirements to form a quorum at its July 11 noteholder meeting and that the extraordinary resolution would be approved.

At the meeting, two or more persons representing at least 75% of the principal amount of the notes needed to be present to form a quorum, and at least 75% of the votes cast at the meeting needed to be in favor of the proposal to pass it.

The tender offer ended at 10 p.m. ET on July 8.

By the end of the offer, S$750,000 principal amount of the notes remained outstanding but the holders of those notes had submitted voting instructions and votes for 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 measure, the company previously said.

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.

The company also reported having received consents for 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 deliver consents after the early deadline will receive a consent fee of 0.25%.

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

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

© 2015 Prospect News.
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