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Singapore’s International Healthway solicits consents for 6%, 7% notes
By Angela McDaniels
Tacoma, Wash., Jan. 27 – International Healthway Corp. Ltd. began consent solicitations for its S$50 million 6% notes due 2018 and S$50 million 7% notes due 2017, according to a company announcement.
The company is seeking approval to remove the change of shareholding event provision.
Strategic investors Ching Chiat Kwong and Low See Ching have acquired 19.7% and 7.11% stakes, respectively, in the company. Given the entry of these two investors, Fan Kow Hin, Aathar Ah Kong Andrew and Jong Hee Sen, as a group, are no longer representative of the key shareholders of the company. Accordingly, the company said the change of shareholding event provision is no longer relevant.
The noteholders will vote at meetings on March 2. The meeting time is 9:00 p.m. ET for the 6% notes and 9:30 p.m. ET for the 7% notes.
Noteholders who deliver consents by 4:00 a.m. ET on Feb. 17 will receive a consent fee of 0.2%, or S$500 per S$250,000 principal amount of notes. Noteholders who deliver consents after that time will receive a consent fee of 0.1%, or S$250 per S$250,000 principal amount of notes.
Voting instruction forms are due 48 hours before the meeting.
For each series of notes, the proposal needs to be passed by a majority of at least 75% of the votes. The necessary quorum for a meeting is two or more people holding or representing more than 50% of a series of notes.
The principal paying agent is Deutsche Bank AG, Singapore Branch (65 6423 5982/4091/8232).
The health-care services and facilities provider is based in Singapore.
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