Singapore's United Engineers obtains consents to amend 4.2% notes

By Marisa Wong

Madison, Wis., June 12 - United Engineers Ltd. said that holders of its S$250 million 4.2% fixed-rate notes due 2017 voted in favor of an extraordinary resolution to amend the notes at the noteholders meeting held on Wednesday.

HSBC Ltd., Singapore Branch acted as information agent and tabulation agent for the consent solicitation.

As announced, the company sought to modify the definition of "excluded liabilities" in the notes' trust deed.

On May 21 the company announced plans to convene a noteholders' meeting on June 12 to consider the changes to the notes. Copies of a consent solicitation statement were mailed to noteholders on May 28.

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

Consenting holders will receive a consent fee, as previously noted.

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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