Aspial details results of exchange offer for 2024, 2025 notes

By William Gullotti

Buffalo, N.Y., Dec. 13 – Singapore’s Aspial Corp. Ltd. detailed the results of its Nov. 14 offer to exchange three series of existing notes issued by Aspial and Aspial Treasury Pte. Ltd. for new Singapore dollar-denominated 6˝% notes due 2025 to be issued by Aspial, according to a notice on Wednesday.

As previously reported, Aspial invited holders to exchange any and all of the following existing notes for a like principal amount of new notes:

• S$18.5 million outstanding fixed-rate series 007 notes due March 2025 (ISIN: SGXF39054444) issued by Aspial;

• S$32.75 million outstanding 6.15% series 008 notes due January 2024 (ISIN: SGXF20337501) issued by Aspial Treasury and guaranteed by Aspial; and

• S$11 million outstanding 6% series 009 notes due July 2024 (ISIN: SGXF22368025) issued by Aspial Treasury and guaranteed by Aspial.

In addition to the par exchange consideration, holders will receive accrued interest in cash.

As of the offer expiration at 9 p.m. ET on Dec. 12, the company received tenders totaling S$32.75 million. Of that total, S$4.5 million were series 007 notes, S$23.5 million were series 008 notes and S$4.75 million were series 009 notes.

Following cancellation, a total of S$29.5 million of the notes across the three series will remain outstanding, which includes S$14 million of the series 007 notes, S$9.25 million of the series 008 notes and S$6.25 million of the series 009 notes.

Tricor Barbinder Share Registration Services (+65 6236 3550/3555; is.corporateactions@sg.tricorglobal.com) is the exchange agent.

As earlier reported when the offer opened Nov. 14, the company conducted an exchange offer for the same three existing series in October. In that offer, the company invited holders to tender the existing notes for exchange into new Singapore dollar-denominated fixed-rate subordinated perpetual securities issued by Aspial.

As a result, 97% of the S$132.75 million aggregate principal amount tendered under that offer were allocated to controlling shareholders and/or related entities and/or persons.

New notes

As previously reported, Aspial will issue 6˝% notes due Dec. 21, 2025 under the company’s S$700 million multicurrency debt issuance program.

Certain of Aspial’s controlling shareholders and/or related entities and/or persons have been allocated about 55.7% of the S$32.75 million aggregate principal amount of new series 011 notes to be issued, giving substantial holding to them, the company noted in the latest release.

SAC Capital Pte Ltd. is the dealer for the new notes.

The new notes are expected to be issued at settlement on Dec. 21 and are expected to be listed on the Singapore Exchange on Dec. 22.

Questions about the exchange offer should be directed to Aspial (+65 6840 7790; felix_lim@aspial.com).

Aspial is a Singapore-based company operating in jewelry retail, property development and financial services.

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