Singapore’s Maxi-Cash buys S$7 million, exchanges S$23.25 million 6.35% notes

By Mary-Katherine Stinson

Lexington, Ky., Jan. 24 – Maxi-Cash Financial Services Corp. Ltd. accepted S$7 million notes for purchase and $23.25 million notes for exchange in its liability management exercise for its outstanding S$50 million 6.35% notes due July 22, 2022 (ISIN: SGXF40779641), according to a notice.

The offer expired at 9 p.m. ET on Jan. 13.

The existing notes accepted for purchase and exchange have been canceled on Jan. 24.

After the cancellation, there are S$19.75 million of the notes outstanding.

As previously reported, the company was offering to buy some of the notes or, alternatively, to exchange the existing notes for new notes.

The cash offer, in which notes were purchased at par plus interest, was capped at S$10 million and the exchange offer applied to any and all of the existing notes.

Noteholders exchanging their notes received a like principal amount of 6.05% notes due Jan. 24, 2025, issued under the company’s S$300 million multicurrency medium-term note program. Exchanging noteholders also received an amount in cash equal to 0.25% of the principal amount of the exchange offered notes and interest.

The issue date for the new notes is Jan. 24.

DBS Bank Ltd. was the dealer manager.

Tricor Barbinder Share Registration Services was the tender and exchange agent (+65 6236 3550/3555, corporateactions@sg.tricorglobal.com).

The issuer is a pawnbroker based in Singapore.

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