By Angela McDaniels
Tacoma, Wash., July 16 – Maxi-Cash Financial Services Corp. Ltd. increased the maximum principal amount of 5˝% notes due April 27, 2020 it will purchase in its tender offer to S$14 million from S$5 million and accepted all of the tendered notes for purchase, according to an announcement with the Singapore Exchange Ltd.
As previously reported, the company began a tender and exchange offer for the S$70 million principal amount of 5˝% notes on July 1. The offer ended at 10 p.m. ET on July 11. The settlement date for the new notes is expected to be July 22, and the settlement date for the tender offer is expected to be July 24.
Holders whose notes were accepted for purchase will receive par plus accrued interest.
The company also offered to exchange any and all of the notes for Singapore dollar-denominated 6.35% notes due July 22, 2022.
For each S$250,000 principal amount of 5˝% notes exchanged, holders will receive S$250,000 principal amount of new notes, an amount in cash equal to 0.75% of the principal amount of exchanged notes and accrued interest.
Following the cancellation of the tendered and exchanged notes, the principal amount of the 5˝% notes outstanding will be S$29.5 million, of which S$4 million is held by the company.
Cash issue
The company is also issuing additional 6.35% notes for cash at par.
The company will issue S$26.5 million of 6.35% notes in the exchange offer and an additional S$23.5 million for cash for a total issue size of S$50 million.
Maxi-Cash said it received reverse enquiry interest from investors, including some directors and/or controlling shareholders, about pricing additional notes.
Directors and/or controlling shareholders of the company have been allocated about 51% of the S$23.5 million additional notes.
DBS Bank Ltd. (+65 6878 9821 or liabilitymanagement@dbs.com) is the dealer manager for the tender and exchange offers and the lead manager and bookrunner for the cash issue. The tender and exchange agent is Tricor Barbinder Share Registration Services (+65 6236 3550/3555 or is.corporateactions@sg.tricorglobal.com).
The issuer is a pawnbroker based in Singapore.
| Issuer: | Maxi-Cash Financial Services Corp. Ltd.
|
| Issue: | Series 002 notes
|
| Amount: | S$50 million
|
| Maturity: | July 22, 2022
|
| Coupon: | 6.35%
|
| Price: | Par
|
| Yield: | 6.35%
|
| Settlement date: | July 22
|
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