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Fullerton India executes supplemental deed to add Sumitomo to notes
Chicago, Dec. 6 – Fullerton India Credit Co. Ltd. announced that it has executed the supplemental trust deed implementing the proposal from its consent solicitation for its S$150 million of 3.7% senior secured notes due 2023 (ISIN: XS2051370844), according to a notice.
The issuer was 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 avoids a change-of-control event that would have required Fullerton India to repurchase the notes.
Noteholders at the extraordinary meeting on Oct. 4 approved the changes by a majority of 99.3% of votes cast at the meeting.
After the vote, the company was waiting on regulatory approvals to implement the changes.
The supplemental trust deed was executed on Nov. 30.
The consent fee will now be paid to eligible noteholders who voted in favor on Dec. 17.
HSBC Ltd., Singapore Branch (+852 3941 0223, +44 20 7992 6237 or liability.management@hsbcib.com) was the solicitation agent.
Morrow Sodali Ltd. (+44 20 4513 6933, +852 2319 4130, FullertonIndia@ investor.morrowsodali.com, https://bonds.morrowsodali.com/FullertonIndia) was the information and tabulation agent.
Fullerton India is a non-banking financial company based in Mumbai.
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