Singapore’s Gallant Venture tenders for 7% notes, aims to add call

By Susanna Moon

Chicago, Sept. 27 – Gallant Venture Ltd. began a tender offer and consent solicitation for its S$230 million of 7% series 004 notes due April 6, 2018.

The offers will end at 3 a.m. ET on Oct. 16.

The company is offering to purchase the notes at a price of par for each S$250,000 principal amount plus accrued interest.

In addition, holders who tender their notes before the early deadline of 5 a.m. ET on Oct. 10 will receive an additional early tender premium of 0.35%, or another S$875 for each S$250,000 principal amount of notes.

In the consent bid, the issuer is asking for approval to waive any default that may occur as a result of obtaining bank loans to refinance the notes prior to maturity provided that they are redeemed within 15 business days of the measure passing, according to a company announcement.

The issuer said it also is looking to amend the note terms to include a call option at par plus accrued interest to but excluding the redemption date.

Gallant has scheduled a noteholder meeting for Oct. 19 in Singapore.

The consent fee will be 0.15%.

Notes may be tendered in principal amounts of S$250,000 and in integrals of S$250,000 after that.

The dealer managers are DBS Bank Ltd. and Standard Chartered Bank. The meeting agent and the tender agent is Tricor Singapore Pte. Ltd.. trading as Tricor Barbinder Share Registration Services. (+65 6236 3550/3555 or is.corporateactions@sg.tricorglobal.com).

The investment holding company is based in Singapore.

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