Singapore Press withdraws extraordinary resolution to amend 2030 notes

By Marisa Wong

Los Angeles, Nov. 17 – Singapore Press Holdings Ltd. has withdrawn the extraordinary resolution to amend its S$500 million of 3.2% notes due 2030, according to company announcement on Wednesday.

The company had begun a solicitation of consents from holders of the 2030 notes on Oct. 26 and scheduled a noteholders’ meeting for Nov. 17.

On Nov. 1 the company suspended the consent solicitation after receiving separate proposals by Keppel Pegasus Pte. Ltd. and Cuscaden Peak Ptd. Ltd. to acquire all of its issued ordinary shares.

The company did not want to proceed with the consent solicitation while the proposed acquisitions were being considered by its board.

On Wednesday the company said it is in discussions with its advisers and relevant parties on the appropriate next steps in relation to the notes, including whether it will launch a new consent solicitation.

Under the withdrawn consent solicitation, the company was seeking to waive conditions of default and amend provisions of the notes pertaining to a guarantee that was to be given by Keppel Land Ltd. regarding obligations under the notes and to delete references to its principal subsidiaries and group, as well as to make other adjustments.

Oversea-Chinese Banking Corp. Ltd. was the solicitation agent.

The Singapore publishing company originally issued the notes under its S$1 billion multicurrency debt issuance program.

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