Singapore’s Chip Eng Seng, CES offer to exchange two notes due 2022

By Wendy Van Sickle

Columbus, Ohio, Nov. 16 – Chip Eng Seng Corp. Ltd. and CES Treasury Pte. Ltd. are offering to exchange two series of notes, according to a notice.

The notes include the S$25.25 million outstanding series 003 4.9% notes due May 19, 2022 (ISIN: SG7BC0000007) issued by Chip Eng Seng and the S$100 million outstanding series 004 6% notes due March 15, 2022 (ISIN: SGXF20770800) issued by CES Treasury.

For each series, the issuers are offering to exchange the notes for a like amount of new 6˝% notes due Dec. 7, 2024 issued by CES Treasury and guaranteed by Chip Eng Seng plus a cash consideration of 0.25% of the principal amount exchanged plus accrued interest.

The offer will expire at 10 p.m. ET on Nov. 28.

Settlement is expected on Dec. 7.

Chip Eng Seng also guarantees the existing CES Treasury notes.

The issuers said they have received interest from major noteholders who would like to extend their bonds and that the exchange offer is also part of a strategy to actively manage the group’s debt capital structure.

DBS Bank Ltd. is the dealer manager for the exchange invitation. Tricor Barbinder Share Registration Services (+65 6236 3550, +65 6236 3555 or is.corporateactions@sg.tricorglobal.com) is the exchange agent.

Chip Eng Seng is a Singapore construction and property development company.

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