Singapore’s Chip Eng Seng extends deadline to submit exercise notice

By Mary-Katherine Stinson

Lexington, Ky., March 24 – Chip Eng Seng Corp. Ltd. has extended the deadline for non-exercising holders to submit an exercise notice in the case of its outstanding S$120 million 6½% series 005 notes due 2024 (ISIN: SGXF86596040) issued by CES Treasury Pte. Ltd. which had become putable upon a change of control, according to multiple notices.

For those noteholders who did not exercise their put option, the issuer was offering a one-time non-exercise fee of 0.5% of the principal amount of the notes less any bank charges to be paid on the redemption date of April 10.

The extension is for the sole purpose of allowing non-exercising holders to submit the notice, enabling them to collect the one-time exercise fee.

Non-exercising noteholders may submit by hand a completed exercise notice to Tricor by 5 a.m. ET on March 31, extended from the original deadline of 4 a.m. ET on March 17. Noteholders are also requested to complete the tax residency declaration form, also available from Tricor.

Non-exercising noteholders may also email the delegate agent at is.corporateactions@sg.tricorglobal.com to request an electronic copy of the exercise notice and to receive the tax residency declaration form.

Since the deadline for exercising the put option has passed, holders who have not exercised their put option are no longer able to do so.

All exercise notices that have been duly completed remain valid.

As previously reported, noteholders had 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.

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.

Tricor Singapore Pte. Ltd., trading as Tricor Barbinder Share Registration Services, is the delegate paying agent and registrar.

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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