Singapore’s OUE gets OK to conform 4¼%, 3.8% notes to newer issues

By Susanna Moon

Chicago, July 14 – OUE Ltd., formerly Overseas Union Enterprise Ltd., said it obtained the needed consents to amend its S$200 million of 4¼% series 4 notes due 2019 and S$300 million of 3.8% series 5 notes due 2020.

As a result, the company entered into a supplemental trust deed to the notes, according to a company announcement.

The company began soliciting consents on June 21 to amend the notes to align the financial covenants with those under the S$3 billion multicurrency debt issuance program.

The company said it had not breached any of the covenants and was looking to make the changes “solely for the purpose of enabling the company to streamline and achieve greater efficiency in its debt management across the group.”

Overseas-Chinese Banking Corp. Ltd. is the solicitation agent.

The consent solicitation ended at 10 p.m. ET on July 12.

The bondholder meetings were held July 13 in Singapore.

The real estate developer is based in Singapore.

© 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.