Singapore’s Goodpack gets votes to call S$50 million 4.7% notes

By Susanna Moon

Chicago, Aug. 8 – Goodpack Ltd. said it plans to call its S$50 million of 4.7% series 006 notes due 2023 after securing the needed votes.

Noteholders approved the extraordinary resolution presented at a meeting held Friday, according to a company notice.

The company entered into a supplemental trust deed and plans to call the notes for redemption within 60 days of its acquisition by IBC Capital Ltd.

As previously announced, the company also sought noteholder approval to waive any non-compliance or events of default under the trust deed occurring as a result of Goodpack’s acquisition by IBC Capital, a company held by a fund affiliated with Kohlberg Kravis Roberts & Co. LP.

The quorum required at the meeting was two or more persons representing at least 75% of the principal amount of notes. The extraordinary resolutions needed to be passed by 75% of the persons voting.

The consent fee is 0.5% for voting instructions submitted in favor of the resolutions by the early consent fee deadline. Those who voted for the resolutions after the consent fee deadline will receive the standard consent fee of 0.13%. The consent fee was 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) were the joint solicitation agents.

The deadline for issuing, amending or revoking voting instructions was 9 p.m. ET on Aug. 5. The consent solicitation began July 16.

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

Goodpack is a Singapore-based company that supplies intermediate bulk containers for bulk packaging.

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