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HT Global IT gets consents for 84.34% of 7% senior notes due 2021
By Susanna Moon
Chicago, Sept. 14 – HT Global IT Solutions Holdings Ltd. said it secured consents for 84.34% of its $300 million of 7% senior notes due 2021.
The total amount of consents received includes those for 76.91% of the notes obtained by the early deadline, according to a company notice on Thursday.
The consent solicitation will end at 5 p.m. ET on Sept. 13, and the early consent deadline is 5 p.m. ET on Sept. 8.
As announced Aug. 31, HT sought to amend the note terms to allow for a special distribution of up to $85 million principal amount of additional 7% senior notes due 2021.
The company previously said it was also asking for approval to provide financial statements of Hexaware in Ind-AS or reconciled to Ind-AS without providing financial statements in International Financial Reporting Standards or a reconciliation to IFRS.
The proposed amendments cover a number of restrictive covenants and waivers for non-compliance events with reporting obligations, the company noted.
The early consent fee is $5 per $1,000 principal amount for consents received by the early deadline, and the consent fee is $4 per $1,000 of notes for consents submitted after the early deadline.
Holders needed to be of record as of 5 p.m. ET on Aug. 30.
Deutsche Bank AG, Singapore Branch and Standard Chartered Bank are the solicitation agents. D.F. King (+44 20 7920 9700, 212 269-5550, 800 249-7120, +852 3953 7230 or ht@dfkingltd.com or https://sites.dfkingltd.com/ht) is the information and tabulation agent.
In a separate notice, HT said it planned to price dollar-denominated 7% senior notes due 2021 as an add-on to the $300 million of notes issued on July 14, 2016, with some of the proceeds to be used to fund the consent solicitation.
The investment holding company is based in Mauritius.
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