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Singapore’s CES Treasury wraps put exercise for 6½% series 005 notes
By Mary-Katherine Stinson
Lexington, Ky., April 10 – CES Treasury Pte. Ltd. announced it redeemed and canceled S$32.75 million total principal amount of the S$120 million 6½% series 005 notes due 2024 (ISIN: SGXF86596040) pursuant to the exercise of the put option by certain noteholders and paid the non-exercise fee to non-exercising noteholders who completed an exercise notice, according to a notice.
Both the redemption and non-exercise fee payment took place April 10.
Following the cancellation of the redeemed notes, S$87.25 million of the notes are outstanding.
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 was 45 days after the effective date.
The put option was announced March 3, and noteholders originally had until March 17 to declare their intentions by completing an exercise notice.
On March 24, Chip Eng Seng Corp. Ltd. extended the deadline for non-exercising holders to submit an exercise notice to receive a one-time non-exercise fee of 0.5% of the principal amount of the notes less any bank charges.
The put was linked to a change of control, as Tang Dynasty Treasure Pte. Ltd. engaged in an acquisition of all of Chip Eng’s shares and took the company private.
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 Corp. is the guarantor.
DBS Trustee Ltd. is the trustee.
Chip Eng Seng is a Singapore construction and property development company.
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