Clearbridge calls some convertibles, extends maturity of remainder

By Marisa Wong

Los Angeles, Sept. 17 – Clearbridge Health Ltd. issued a notice of partial redemption on Friday to holders of its convertible bonds, according to a company announcement.

Clearbridge will redeem on a pro rata basis S$3,525,000 of convertible bonds on Oct. 8.

As of Sept. 17, the outstanding principal amount of series 1 and series 2 convertible bonds is S$5.55 million and S$1.5 million, respectively.

After the redemption, S$2,775,000 of series 1 bonds and S$750,000 of series 2 bonds will remain outstanding.

The partial early redemption will be funded from internal resources.

Clearbridge also announced on Friday that it amended the terms and conditions of the bonds to change the denomination of the bonds and to extend the maturity date for the bonds remaining outstanding after the redemption.

The denomination of the bonds will be amended to S$25,000 from S$50,000 to facilitate the early redemption and to reduce holdings of the bondholders after the redemption.

The company extended the maturity date of the outstanding bonds by two years, conditional on completion of the redemption.

The maturity date of the series 1 bonds would be extended to March 8, 2024, and the series 2 bonds would mature on May 17, 2024.

The company said the partial redemption and extension allows it to reduce its interest payment obligations and gives it flexibility to expand its business.

The medical laboratory company is based in Singapore.

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