Fullerton India seeks to add Sumitomo under S$150 million 3.7% notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 9 – Fullerton India Credit Co. Ltd. launched a consent solicitation seeking to amend its S$150 million of 3.7% senior secured notes due 2023 (ISIN: XS2051370844), according to a notice.

The issuer is seeking to add Sumitomo Mitsui Financial Group, Inc. as a permitted holder under the notes after Sumitomo entered into transaction documents to acquire 74.9% of the shares of the issuer from Fullerton Financial Holdings Pte. Ltd. The addition of Sumitomo would avoid a change-of-control event that would require Fullerton India to repurchase the notes.

Fullerton is offering a consent fee of S$625 per S$250,000 principal amount of notes to holders who deliver their consents by the early deadline of 11 a.m. ET on Sept. 22. Holders who deliver consents after that deadline will not receive any consent fee, and the consent fee will be paid only if the extraordinary resolution containing the amendment is passed.

The solicitation will expire at 11 a.m. ET on Sept. 28. A meeting of noteholders is set to be held at 3 a.m. ET on Oct. 4 if the extraordinary resolution has not been passed by electronic consent by the expiration time.

Hongkong and Shanghai Banking Corp. Ltd., Singapore Branch (852 3941 0223, 44 20 7992 6237 or liability.management@hsbcib.com) is the solicitation agent.

Morrow Sodali Ltd. (44 20 4513 6933, 852 2319 4130 or FullertonIndia@investor.morrowsodali.com) is the information and tabulation agent.

Fullerton India is a non-banking financial company based in Mumbai.

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