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Malaysia's IOI gets approval to pay consent fee for 4 3/8%, 5¼% notes
By Susanna Moon
Chicago, Dec. 9 - IOI Corp. Bhd. said it received the received regulatory approval to pay the consent fee under the solicitation for IOI Investment (L) Bhd.'s $600 million of 4 3/8% notes due 2022 and IOI Ventures (L) Bhd.'s $500 million of 5¼% guaranteed notes due 2015.
The company will pay the consent fee on Dec. 10 after having received approval from the High Court of Malaya on Dec. 3, according to a company notice.
The consent fee will be $4.00 for each $1,000 principal amount of notes, amended from $2.00 per $1,000 of notes, as previously announced.
Noteholders who voted in favor of the demerger by the final voting deadline at 4 a.m. ET on Sept. 18, extended from 11 a.m. ET on Sept. 11, will receive the consent fee.
Payment of the consent fee was conditioned on the measure passing at the Sept. 23 meetings.
IOI said on Sept. 23 that it received the needed consents under the consent solicitation for the two series of notes.
Separate meetings for each series of notes were held on Sept. 23 to pass a resolution to demerge IOI Properties Group Sdn. Bhd., as previously announced.
The company needed to secure the votes of at least 75% of those cast at either meeting.
The company said on Sept. 17 that it amended the consent fee and the consent fee deadline under the consent solicitation for the two series of notes that launched on Aug. 29.
Previously, noteholder meetings were held on July 22 and Aug. 7, but noteholders did not pass the extraordinary resolution presented at either meeting.
Citigroup Global Markets Ltd. was the consent solicitation agent, and HSBC Ltd. (+852 2822 4423 / +852 2822 1319, attn.: Thomas Li / Eric Cheng, thomasctli@hsbc.com.hk / erickkcheng@hsbc.com.hk) was the tabulation agent.
IOI is a palm oil and property company based in Putrajaya, Malaysia.
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