| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers K > Headlines for KSH Holdings Ltd. > News item |
KSH Holdings solicits consents for S$75 million 5¼% notes due 2016
By Toni Weeks
San Luis Obispo, Calif., May 27 – KSH Holdings Ltd. said it began a consent solicitation for its S$75 million of 5¼% series 001 notes due 2016, according to a notice.
The notes are part of the company’s S$300 million multicurrency medium-term note program established on July 5, 2013.
The company wants to amend the negative pledge provision in the trust deed and terms and conditions in order to, inter alia, increase the financing flexibility of the company, which will allow it and its subsidiaries to take on projects of a greater scale and leverage on a wider range of funding options “to better seize and exploit any new opportunities,” the notice said.
The company said it remains committed to complying with its existing financial covenant: a ratio of consolidated total borrowings to consolidated total assets that cannot be more than 0.55:1.00.
Noteholders who deliver their consents by 5 a.m. ET on June 8 will receive an early consent fee of 0.2% of the principal amount held. Those who deliver their consents after the early consent fee deadline but by the expiration time, 10 p.m. ET on June 16, will receive the normal consent fee of 0.1% of the principal amount held.
A noteholder meeting will be held on June 19 to approve the extraordinary resolutions. The quorum required at the meeting will be two or more persons representing at least a majority of the principal amount of the outstanding notes. The extraordinary resolution requires approval from at least 75% of the persons voting.
DBS Bank Ltd. (65 6222 4261) is the solicitation agent.
Singapore-based KSH Holdings is a construction, property development and property management group.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.