Singapore's Petra Foods to redeem four series medium-term notes Aug. 5

By Marisa Wong

Madison, Wis., July 5 - Petra Foods Ltd. issued redemption notices on Friday for all of the series 007, series 008, series 009 and series 010 notes issued under its S$300 million multicurrency medium-term note program.

Petra Foods said it will redeem its S$52 million 4½% series 007 notes due 2014, S$13 million 5.15% series 008 notes due 2015, S$40 million 4¾% series 009 notes due 2016 and S$70 million series 010 5% notes due 2017 on Aug. 5.

All four series will be redeemed at par plus a prepayment fee and accrued interest to the redemption date. The prepayment fee is 0.7% for the 4½% notes, 1% for the 5.15% notes, 1.35% for the 4¾% notes and 2% for the 5% notes.

The company began a consent solicitation in February seeking noteholder approval of waivers and amendments to the notes. Holders approved the proposed changes in March. One of the changes included adding a call option that allows the company to redeem all (but not some only) of a series of notes.

Petra Foods manufactures cocoa ingredients used in branded chocolate confectionery products and is based in Singapore.

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