Singapore’s Heeton gives results of exchange offer for 2023 notes

By Mary-Katherine Stinson

Lexington, Ky., April 20 – Heeton Holdings Ltd. gave the results of its offer to exchange any and all of its outstanding 6.8% fixed-rate notes due Nov. 13, 2023, series 005 (ISIN: SGXF19284094), together with a cash top-up amount, for new 7% fixed-rate notes due Nov. 2, 2026 and an exchange fee payable in cash.

As of the cash top-up deadline of 4 a.m. ET on April 20, S$40.32 million of the existing notes were tendered and accepted for exchange.

As of the start of the offer on March 30, S$62.73 million of the original S$70.3 million principal amount of 2023 notes was outstanding.

As previously reported, for each S$180,000 of existing notes, together with a cash top-up amount of S$20,000, tendered for exchange, the issuer offered S$200,000 of new notes and an exchange fee, plus accrued interest.

The aggregate principal amount of the 7% notes due 2026 to be issued as part of the exchange consideration is S$44.8 million.

The exchange fee is a cash amount equal to 0.5% of the principal amount of the tendered notes if they were tendered by the early exchange deadline, or 0.25% of the principal amount of the tendered notes if they were tendered after the early deadline.

The cash top-up amount was required so that Heeton could issue new notes that are denominated in principal amounts of S$200,000. Cash top-up amounts had to be transferred to a cash top-up account.

The early exchange deadline was 5 a.m. ET on April 14.

The offer expired at 4 a.m. ET on April 19.

Settlement is slated for May 2.

Following the cancellation of the accepted notes on or about the settlement date, S$22.41 million of the existing notes will remain outstanding.

CIMB Bank Bhd., Singapore Branch (sgb.dcm@cimb.com; +65 6506 1127) was appointed as the dealer manager for the offer.

Tricor Singapore Pte. Ltd. (+65 6236 3550/3555; is.corporateactions@sg.tricorglobal.com) is the exchange agent.

In addition to the S$44.8 million of new notes to be issued in exchange for the existing notes, Heeton plans to sell additional 2026 notes, which will be fungible and be consolidated into the same series 006 notes. The company will announce pricing of any issue of additional notes on April 24.

Heeton is a Singapore property development and property investment company.

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