Singapore’s Gallant Venture gets tenders for 85% of 7% notes due 2018

By Angela McDaniels

Tacoma, Wash., Oct. 16 – Gallant Venture Ltd. received tenders for S$194.75 million principal amount, or 84.67%, of its S$230 million 7% series 004 notes due April 6, 2018 during a tender offer that ended at 3 a.m. ET on Oct. 16, according to a company announcement.

In addition, the holders of S$207 million principal amount, or 90%, of the notes submitted voting instruction forms or tender application forms, 96.26% of which contain voting instructions to have their votes cast in favor of the extraordinary resolution.

As previously reported, a tender offer and consent solicitation for the notes began Sept. 27. Noteholders will vote on the extraordinary resolution at a noteholder meeting on Oct. 19 in Singapore.

The company is seeking 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.

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

The consent fee on offer is 0.15%.

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

The settlement date is expected to be Oct. 24.

The consent fee is in addition to the purchase price and early tender premium.

As of the early tender deadline, holders had tendered S$190.5 million principal amount, or 82.83%, of the notes, and the holders of S$192.25 million principal amount, or 83.59%, of the notes had submitted voting instruction forms or tender application forms, 99.48% of which contained voting instructions to have their votes cast in favor of the extraordinary resolution.

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

The investment holding company is based in Singapore.

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