Singapore’s Vibrant to swap S$29.5 million 7.35% perpetuals for notes

New York, Sept. 28 – Singapore’s Vibrant Group Ltd. said it received tenders for S$29.5 million of its S$100 million of 7.35% perpetual notes in its offer to exchange those securities for a like amount of new 7˝% notes due 2020.

All tendered notes were accepted for exchange, according to an announcement.

Settlement is planned for Oct. 3.

The company announced on Sept. 4 that it plans to redeem all of the perpetual notes on Oct. 11 at par plus accrued distributions.

As announced when Vibrant began the exchange on Sept. 13, the new notes will be issued under the company’s S$500 million multi-currency debt program.

Vibrant said the exchange is an opportunity for holders of the perpetual securities to remain invested in the company.

The company will pay a one-time fee of 1% of the principal amount of notes being exchanged as an incentive for investors to participate.

The exchange ended at 12 a.m. ET on Sept. 28.

In addition to new notes issued as a result of the exchange offer, the company said it may issue an additional amount of the notes to investors, regardless of whether they were holders of the perpetual notes.

DBS Bank Ltd. is the dealer manager for the exchange offer and the new issue.

Formerly known as Freight Links Express Holdings Ltd., Vibrant is a logistics, real estate and financial services group based in Singapore.

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