China’s HanKore noteholders vote in favor of waivers under 7½% notes

By Marisa Wong

Madison, Wis., Dec. 1 – HanKore Environment Tech Group Ltd. said that holders of its S$50 million 7½% notes due 2015 passed the extraordinary resolution tabled at the meeting held on Nov. 28.

The company called the meeting to solicit consents from holders of the 7½% notes, as announced on Nov. 6.

The company asked noteholders to waive non-compliance, potential events of default and breach of covenants and terms under the notes’ trust deed that may occur as a result of its planned acquisition of China Everbright Water Investments Ltd.

The consent solicitation expired at 9 p.m. ET on Nov. 25. Holders had to deliver their voting instructions before that time.

Holders who delivered their consents by the expiration time will be eligible to receive a standard consent fee of 0.1%. Holders who delivered their consents by an early consent fee deadline (not disclosed in the Nov. 6 notice) will receive an early consent fee of 0.2%.

The noteholder meeting required two or more persons representing at least 50% of the principal amount of the notes to form a quorum. If a quorum had not been met, the meeting would have been adjourned until a later date.

The company needed 75% of the votes cast to be in favor of the extraordinary resolution in order for it to pass.

DBS Bank Ltd. is the solicitation agent, and Deutsche Bank AG, Singapore Branch is the paying agent for the consent solicitation.

HanKore is a Beijing-based company that invests and operates in the water environment sector.

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