Singapore’s International Healthway holders put S$83.25 million of 6%, 7% notes

By Susanna Moon

Chicago, April 25 – International Healthway Corp. Ltd. said holders exercised the redemption option for 88.5% of its S$50 million 6% notes due Feb. 6, 2018 and for 78% of S$50 million 7% notes due April 27, 2017.

The redemption value is S$44.25 million for the 6% notes and S$39 million for the 7% notes, according to a company notice.

The company said it redeemed the notes on April 25 at a redemption amount of S$83.25 million because it was “obliged” to do so.

The redemption was funded via a shareholder’s loan, the release noted.

As announced, the company postponed the noteholder meetings set for March 2 related to consent solicitations that began Jan. 27 to remove a change of shareholding event provision.

Investors Ching Chiat Kwong and Low See Ching acquired 19.7% and 7.11% stakes, respectively, in the company. As a result, Fan Kow Hin, Aathar Ah Kong Andrew and Jong Hee Sen, as a group, were no longer representative of the key shareholders of the company.

The health care services and facilities provider is based in Singapore.

© 2015 Prospect News.
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