Singapore’s Midas has yet to redeem 7% notes, awaits waiver and funds

By Marisa Wong

Morgantown, W.Va., March 29 – Midas Holdings Ltd. said that as of March 29 it has not received any waiver or other agreement from the holders of its $30 million 7% series 003 notes originally due 2017 in relation to the early redemption of the notes.

As previously announced, the company was set to early redeem the notes in full on March 22 unless otherwise agreed with the noteholders.

The company announced on Thursday that it has not received any funds for the redemption of the notes even though it submitted instructions to Jilin Midas Aluminium Industries Co., Ltd. and Jilin Midas Light Alloy Co., Ltd. to remit funds to its Singapore office for the redemption on March 22.

The company said it will make a further announcement should it receive notice from the noteholders on the early redemption.

As of Thursday, the outstanding principal amount of the notes is $30 million.

The series 003 notes were issued under the company’s S$500 million multicurrency medium-term note program in November 2016. Noteholders had previously consented to an extension of the maturity to 2018.

Midas is a Singapore-based manufacturer of aluminum alloy extruded products for the rail transportation sector.

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