Singapore's United Engineers begins soliciting consents for 4.2% notes

By Marisa Wong

Madison, Wis., May 28 - United Engineers Ltd. said it mailed copies of a consent solicitation statement to holders of its S$250 million 4.2% fixed-rate notes due 2017 on Tuesday.

HSBC Ltd., Singapore Branch has been appointed as information agent and tabulation agent for the consent solicitation.

On May 21 the company announced that it planned to convene a noteholders' meeting on June 12 to consider amendments to the notes but had not yet begun the consent solicitation process.

As previously noted, the company is proposing to modify the definition of "excluded liabilities" in the notes' trust deed and is soliciting consents to the changes through an extraordinary resolution at the meeting.

Holders of a majority in principal amount of the notes must be present or represented at the meeting to form a quorum, and three-fourths of the votes present must be in favor of the extraordinary resolution in order for it to pass.

Consenting holders will receive a consent fee.

HSBC Institutional Trust Services (Singapore) Ltd. is the trustee for the notes.

The engineering and construction company is based in Singapore.

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