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Singapore’s Chip Eng Seng 6½% notes due 2024 putable on April 10
By Mary-Katherine Stinson
Lexington, Ky., March 3 – Noteholders of Chip Eng Seng Corp. Ltd.’s outstanding S$120 million 6½% series 005 notes due 2024 (ISIN: SGXF86596040) issued by CES Treasury Pte. Ltd. have the option to require the company to redeem their notes in full at par plus interest on April 10, which is 45 days after the effective date, according to a notice.
The put is linked to a change of control, as Tang Dynasty Treasure Pte. Ltd. has engaged in an acquisition of all of Chip Eng’s shares and has taken the company private.
For those noteholders who elect not to exercise their put option, the issuer will pay a one-time non-exercise fee of 0.5% of the principal amount of the notes less any bank charges.
This fee will also be paid on the redemption date of April 10.
Tricor Singapore Pte. Ltd., trading as Tricor Barbinder Share Registration Services, is the delegate paying agent and registrar.
Noteholders must declare their intent to exercise the put option or agree to not exercise the option by submitting by hand a completed exercise notice to Tricor by 4 a.m. ET on March 17.
Noteholders may also email the delegate agent at is.corporateactions@sg.tricorglobal.com to request an electronic copy of the exercise notice.
Noteholders are also requested to complete the tax residency declaration form which is also available from Tricor.
Trading in Chip Eng Seng’s shares has been suspended since Feb. 17.
The notes were issued under the $750 million multicurrency debt issuance program of CES Treasury and Chip Eng Seng.
Chip Eng Seng is the guarantor.
DBS Trustee Ltd. is the trustee.
Chip Eng Seng is a Singapore construction and property development company.
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