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Singapore’s Keong Hong gets tenders for 93% of 6% notes due 2018
By Susanna Moon
Chicago, Sept. 13 – Keong Hong Holdings Ltd. said investors had tendered S$46.5 million, or 93%, of its S$50 million 6% series 001 notes due 2018 in the offer that ended at 10 p.m. ET on Sept. 10.
Holders also submitted voting instructions for S$47.25 million principal amount to have their votes cast in favor of the extraordinary resolution at the meeting set for Wednesday, according to a company announcement.
As announced Aug. 22, the company was tendering for the notes and also asking holders to approve an amendment to the notes to add a call option.
The purchase price will be par with an early tender premium of 0.5%, an early consent fee of 0.5%, a normal tender premium of 0.25% and a normal consent fee of 0.25%.
Specifically, the early tender premium will be S$1,250 for each S$250,000 principal amount, the early consent fee S$1,250 per S$250,000, the normal tender premium S$625 per S$250,000 and the normal consent fee S$625 per S$250,000.
The earlybird deadline was 5 a.m. ET on Sept. 3.
Settlement is expected to occur on Sept. 14.
The tender and consent bid were being held alongside a pricing of S$85 million of 5¾% four-year notes at par on Sept. 5, with proceeds to be used to fund the offers.
The company also will redeem any remaining series 001 notes not tendered in the offer using the new issue proceeds. The series 001 notes would be called within 10 days of settlement of the tender offer.
Deutsche Bank AG, Singapore Branch (+65 6423 6656/8232/4091 or sg.csg@list.db.com) is the principal paying agent and tender agent. The Hongkong and Shanghai Banking Corp. Ltd. (+65 6658 8904, fax +65 6226 1669 or liability.management@hsbcib.com) is the dealer manager.
The series 001 notes were issued on June 15, 2015 under the company’s S$150 million multicurrency medium-term note program.
Keong Hong is a construction company based in Singapore.
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