Singapore’s Sindicatum reports 100% of green bonds tendered in offer

By Mary-Katherine Stinson

Lexington, Ky., July 11 – Sindicatum Renewable Energy Co. Pte. Ltd. reported 100% of each series of its guaranteed green bonds issued by the company and guaranteed by GuarantCo. were tendered prior to the expiration deadline of the tender offer and will be redeemed July 14, according to a notice Monday.

On June 29 the company began a tender offer for any or all its outstanding green bonds from the following series:

• Rs. 951.1 million outstanding 8.6% guaranteed green bonds due 2023 (ISIN: XS1756110703) payable in U.S. dollars;

• Rs. 1,585,300,000 outstanding 9.35% guaranteed green bonds due 2025 (ISIN: XS1756110968) payable in U.S. dollars and

• PHP 1,060,200,000 outstanding 7.4% guaranteed green bonds due 2028 (ISIN: XS1862894125) payable in U.S. dollars.

The total consideration for the 2023 bonds was Rs. 103,027 per Rs. 100,000 note, inclusive of a Rs. 400 early tender premium.

The total consideration for the 2025 bonds was Rs. 103,406 per Rs. 100,000 note inclusive of a Rs. 400 early tender premium.

The total consideration for the 2028 bonds was PHP 105,713 per PHP 100,000 note inclusive of a PHP 400 early tender premium.

The early tender premium was equal to the early consent fee.

The offers expired at 5 a.m. ET on July 11.

All the 2025 and 2028 bonds were tendered after the early deadline but before the expiration of the offer. All 2023 bonds were tendered before the early participation deadline of 11 a.m. ET on July 6.

Concurrently with the tender offer bondholders were being asked to consent to amend by extraordinary resolution the bond terms to provide for mandatory early redemption of each series of green bonds.

Considering the 100% participation rate, the company with the consent of the guarantor has decided to waive the consent condition and not to proceed with the implementation of the proposal.

The bonds will be redeemed with accrued interest according to the relevant exchange rate. The company has determined in respect to the 2023 and the 2025 guaranteed bonds that the reference rate is Rs. 79.332 per $1 and in respect to the 2028 guaranteed green bonds the average market rate is PHP 54.9898 per $1.

Kroll Issuer Services Ltd. is the tender and tabulation agent (+44 20 7704 0880, +852 2281 0114, sindicatum@is.kroll.com, https://deals.is.kroll.com/sindicatum).

Sindicatum is a sustainable resources company based in Singapore. The company is a regional developer, owner and operator of clean energy projects.

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