Singapore’s Interplex begins consent solicitation for 6.9% notes

By Angela McDaniels

Tacoma, Wash., Jan. 6 – Interplex Holdings Ltd., formerly known as Amtek Engineering Ltd., began a consent solicitation for its S$200 million 6.9% notes due 2019, according to a company announcement.

The company is seeking approval to amend the conditions of the notes to include a call option.

The amendments would also waive the non-compliance with certain provisions of the notes that may or will occur as a result of the refinancing of some of the company’s existing debt, including the notes, with a new credit facility and waive the occurrence of certain potential event(s) of default after the call option has been exercised.

Slater Pte. Ltd., an investment vehicle of Baring Private Equity Asia, has offered to acquire the company.

If the consent solicitation is successful and the offer from Slater becomes unconditional, the company may redeem all, but not some, of the notes within 60 days of the effective date at 102 plus accrued interest.

If the consent solicitation is successful but the offer from Slater does not become unconditional, the notes will not be amended.

Holders will vote on the proposal at a meeting on 8:30 p.m. ET on Jan. 27.

Holders have until 8:30 p.m. ET on Jan. 25 to deliver their voting instructions.

Holders who vote in favor of the proposal by 4 a.m. ET on Jan. 20, the early consent fee deadline, will be eligible to receive a 0.5% consent fee. Holders who vote in favor of the proposal after the early consent fee deadline but prior to the final deadline will be eligible to receive a 0.25% consent fee.

Two or more persons representing at least two-thirds of the notes must be present at the meeting in order to form a quorum, and at least three-fourths of the votes cast must be in favor of the amendments in order for them to pass.

The solicitation agents are DBS Bank Ltd. (65 6222 4261) and Standard Chartered Bank (65 6596 9645). The meeting agent is Tricor Singapore Pte. Ltd. (65 6236 3550/3555).

Interplex is a Singapore-based provider of manufacturing, finance, human resource, sales, marketing and supply chain services.

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