Singapore's Perennial China solicits consents for 5¼% notes, 6 3/8% notes

By Jennifer Chiou

New York, Dec. 2 – Perennial China Retail Trust Management Pte. Ltd. announced that it is soliciting consents from holders of its S$50 million of 5¼% notes due 2016 and S$130 million of 6 3/8% notes due 2015.

DBS Bank Ltd. is the solicitation agent.

The company is seeking consents to pass an extraordinary resolution to waive any non-compliance with certain provisions of the trust deed and conditions, which may occur as a result of the voluntary conditional offer made by certain financial advisors on behalf of Perennial Real Estate Holdings Ltd. to acquire all units in Perennial China Retail Trust not already held.

According to a filing with the Hong Kong Exchange, DBS Bank, Standard Chartered Bank and United Overseas Bank Ltd. are acting as the joint financial advisors.

The waiver will apply to any potential events of default.

The early consent deadline is Dec. 10. The final deadline will be on Dec. 15.

Those voting in favor of the proposal by the early deadline will receive the early consent fee, which was not specified in the filing.

Noteholder meetings will take place in Singapore.

The notes were issued under the company's S$500 million multicurrency medium-term note program established on Jan. 20, 2012 and are guaranteed by Perennial China Retail Pte. Ltd., a wholly owned subsidiary of the issuer.

The issuer is a Singapore-based retail development trust.

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