Singapore’s Halcyon Agri solicits consents to amend 6˝% notes

By Marisa Wong

Madison, Wis., Dec. 17 – Halcyon Agri Corp. Ltd. has begun a consent solicitation to amend its 6˝% series 001 notes due 2019.

The company is seeking approval from holders of the series 001 notes to amend the financial covenants, specifically those related to an interest coverage ratio, of the trust deed for the notes and to include an escrow arrangement.

A noteholders’ meeting will be held on Jan. 12 to consider the proposed amendments.

The meeting will require a quorum of two or more persons representing a majority of the outstanding principal amount of notes. If a quorum is not met within the first 15 minutes of the meeting time, the meeting will be adjourned.

The extraordinary resolution proposed at the meeting will need at least 75% of the votes to pass.

The company is offering a consent fee.

DBS Bank Ltd. is the solicitation agent.

The Singapore rubber company had issued S$125 million of the 6˝% notes under its S$300 million multicurrency debt issuance program established on April 25, 2014.

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