Singapore’s Gallant takes in tenders for S$30 million of 5.9% notes

By Susanna Moon

Chicago, Jan. 23 – Gallant Venture Ltd. has accepted for purchase S$30 million of its 5.9% notes due May 12, 2017 in the offer that has been oversubscribed as of Monday.

As announced Jan. 19, Gallant Venture is tendering for up to S$30 million of its 5.9% notes, series 2, and up to S$15 million of its 7% notes due Aug. 2, 2017, series 3.

The repurchased amount of 5.9% notes is equal to the tender cap, and Gallant will be accepting no more of those notes for purchase in the offer, according to a company update.

Settlement for the 5.9% notes has been set for Jan. 26.

Meanwhile, the tender cap has not been reached for the 7% notes and the offer for those notes will continue until Jan. 26.

The tender offers began Jan. 20.

As previously announced, the purchase price for each S$250,000 principal amount will be S$243,750 for the 5.9% notes and S$237,500 for the 7% notes.

The company will also pay accrued interest.

DBS Bank Ltd. is the buyback agent.

The investment holding company is based in Singapore.

© 2015 Prospect News.
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