OUE sees tenders of S$134.5 million 3% exchangeable bonds due 2023

By Wendy Van Sickle

Columbus, Ohio, June 11 – OUE Ltd. took in tenders of S$134.5 million, or 89.67%, of its 3% exchangeable bonds due 2023 exchangeable into the stapled securities of OUE Hospitality Trust in its offer to purchase any and all of the S$150 million, according to a notice.

The company announced the tender offer on June 4 and was also soliciting consents to amend some terms and conditions of the bonds.

Tender instructions were due by 11 a.m. ET on June 11.

They must be submitted in respect of a minimum principal amount of bonds of no less than S$250,000, and integral multiples of S$250,000 thereafter.

If the company decides to accept valid tenders of bonds, it will pay to holders a cash amount equal to the sum of par plus accrued interest.

A bondholder who validly submitted a tender instruction was not eligible to submit a voting-only instruction. Holders who tendered their notes were deemed to have automatically voted in favor of the amendments.

The company is seeking to modify the conditions of the bonds to provide for an optional early redemption of all of the bonds at par plus accrued interest.

Voting-only instructions are due by 5 a.m. ET on June 24.

A meeting will be held at 5 a.m. ET on June 26 regarding the extraordinary resolution. The company said it will announce, as soon as reasonably practicable after the meeting, its decision whether to accept valid tenders of bonds.

Hongkong and Shanghai Banking Corp. Ltd. Singapore Branch (+852 3604 3737, aiva.w.t.li@hsbc.com.hk) is the dealer manager and D.F. King Ltd. is the tender agent (+44 20 7920 9700, +852 3953 7231, oue@dfkingltd.com).

OUE Ltd. is a Singapore-based real estate developer.

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