| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2012 > News item |
Lion Diversified gets bondholder approval to amend 6% exchangeables
By Marisa Wong
Madison, Wis., Oct. 24 - Lion Diversified Holdings Bhd. announced that holders of the $132,111,000 6% exchangeable bonds due 2012 issued by wholly owned subsidiary Excel Step Investments Ltd. approved amendments to the bonds at a meeting held on Oct. 24.
The bondholders passed an extraordinary resolution to
• Extend the maturity date by two years to Nov. 16, 2014;
• Make a one-time cash payment equal to 6.4173% of the principal amount of bonds that will be outstanding as of Nov. 16;
• Lower the redemption price at maturity to par from 106.4173;
• Set a partial redemption schedule, with $4,617,626 to be redeemed on Nov. 16, $5 million to be redeemed on May 16, 2013, $5.5 million to be redeemed on Nov. 16, 2013 and $5.5 million to be redeemed on May 16, 2014;
• Reduce the yield to 6% per year, calculated on a quarterly basis, from 9% per year, calculated on a semiannual basis;
• Reset the exchange price to RM 5.3053 per share on Nov. 16, to RM 4.8886 per share on May 16, 2013, to RM 4.4304 per share on Nov. 16, 2013 and to RM 3.9721 per share on May 16, 2014.
The bonds are exchangeable into ordinary shares of Parkson Holdings Bhd.;
• Change the dividend protection mechanism so that capital distributions made on or after Nov. 16 will be made by way of a cash payment and not an adjustment to the exchange price; and
• Allow the bonds to be callable at any time if the volume-weighted average price of Parkson shares exceeds 120% of the prevailing exchange price.
The approved amendments will take effect on Nov. 16.
The bonds were issued on Nov. 16, 2007 and were previously amended on Sept. 2, 2010.
As of Oct. 24, the outstanding principal amount of the bonds is $68.29 million.
Formerly known as Chocolate Products (Malaysia) Bhd., Lion makes steel and electronic components and is involved in property development. The company is based in Kuala Lumpur, Malaysia.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.