Singapore’s Chip Eng Seng, CES announce results of exchange offer

Chicago, Nov. 30 – Chip Eng Seng Corp. Ltd. and CES Treasury Pte. Ltd. provided the results of the exchange offer for 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 were 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.

Noteholders offered for exchange S$10.25 million of the series 003 notes and S$61 million of the series 004 notes by the deadline at 10 p.m. ET on Nov. 28.

Settlement is expected on Dec. 7.

After the existing notes are canceled on the settlement date, there will be S$15 million of the series 003 notes outstanding and S$39 million of the series 004 outstanding.

Chip Eng Seng also guarantees the existing CES Treasury notes.

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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