Tata International Singapore extends tender for 4.3% notes, perpetuals

By Angela McDaniels

Tacoma, Wash., Nov. 8 – Tata International Singapore Pte. Ltd. said it extended the tender offer and consent solicitation for its S$50 million 4.3% senior notes due 2018 and S$150 million of 6.65% guaranteed senior perpetual capital securities guaranteed by Tata International Ltd.

The expiration deadline was extended to 4 a.m. ET on Dec. 2 from 4 a.m. ET on Nov. 4.

The company is considering various options for funding the tender offer. It extended the deadline because, due to administrative delays in the receipt of regulatory approvals, it is concerned that it may not be able to obtain funding by the original settlement date, Nov. 15.

Holders who tender after the early tender deadline – 4 a.m. ET on Oct. 11 for the 4.3% notes and 5 a.m. ET on Oct. 18 for the perpetual securities – and prior to the extended deadline will receive par plus accrued interest to the settlement date, which is now expected to be Dec. 16.

Holders who tendered by the early tender deadline will receive par plus an early tender premium, which was not disclosed.

As of 4 a.m. ET on Nov. 4, holders had tendered S$43 million principal amount of the 4.3% notes and S$98.75 million principal amount of the perpetual securities, of which S$31.75 million are held by the company and/or its affiliates.

The company is soliciting consents to insert an option to call the 4.3% notes and perpetual securities at par plus accrued interest with at least five days' notice.

Holders will vote at meetings on Dec. 7, extended from Nov. 9, in Singapore.

If the proposal passes, the company plans to redeem the 4.3% notes and perpetual securities on Dec. 23.

The holders of 54.12% of the perpetual securities had voted in favor of the proposal as of 5 a.m. ET on Oct. 18, and the holders of 82.5% of the 4.3% notes had voted to approve the proposal as of 4 a.m. ET on Oct. 11.

As 4 a.m. ET on Nov. 4, the holders of S$22.5 million principal amount of the perpetual securities had submitted completed forms containing voting instructions to have their votes cast against the proposal.

Australia and New Zealand Banking Group Ltd. is the dealer manager. Trico Singapore Pte. Ltd. is the meeting agent and tender agent.

Tata International is a leather manufacturer based in Mumbai.

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