Singapore's Vibrant offers to swap 7.35% perpetuals for 7˝% notes

By Wendy Van Sickle

Columbus, Ohio, Sept. 13 – Singapore's Vibrant Group Ltd. is offering to exchange its S$100 million perpetual notes for a like principal amount of new 7˝% notes due 2020, according to a company announcement.

The new notes would be issued under Vibrant’s S$500 million multi-currency debt program.

The company announced on Sept. 4 that it plans to redeem all of the perpetual notes on Oct. 11 at par plus accrued distributions.

Vibrant said the exchange is an opportunity for holders of the perpetual securities to remain invested in the company.

The company will pay a one-time fee of 1% of the principal amount of notes being exchanged as an incentive for investors to participate.

The exchange deadline is 12 a.m. ET on Sept. 28.

In addition to new notes issued as a result of the exchange offer, the company said it may issue an additional amount of the notes to investors, regardless of whether they were holders of the perpetual notes.

DBS Bank Ltd. is the dealer manager for the exchange offer and the new issue.

Formerly known as Freight Links Express Holdings Ltd., Vibrant is a logistics, real estate and financial services group based in Singapore.

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