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Keong Hong redeems S$12.75 million of 6¼% notes in put option
Lexington, Ky., April 18 – Singapore’s Keong Hong Holdings Ltd. redeemed S$12.75 million of its S$48 million outstanding 6¼% series 003 notes due Aug. 19, 2023 (ISIN: SGXF65599734) on April 18 due to the exercise of the put option by certain holders, according to a notice.
The repurchased notes have been canceled.
Following the cancellation, S$35.25 million is outstanding.
As previously reported, holders were able to exercise their put option due to a change of control because Leo Ting Ping Ronald sold 19.05% of the ordinary shares of the issuer, meaning that Ronald no longer owns at least 30% of the share capital of the company.
The company was required to purchase the notes at par, with interest to the redemption date.
Noteholders who wished to exercise the put option had to submit an exercise notice by hand or post before 4 a.m. ET on March 10.
The notes were originally issued under the company’s S$200 million multicurrency medium term note program.
Deutsche Bank AG, Singapore Branch was the principal paying agent.
Keong Hong is a construction company based in Singapore.
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