Singapore’s Breadtalk seeking consents from holders of notes due 2023

By Wendy Van Sickle

Columbus, Ohio, March 17 – Breadtalk Group Ltd. is soliciting consents from holders of its S$100 million of 4% notes due 2023.

The company is asking note holders to approve by way of extraordinary resolution waiving provisions of the trust deed and the occurrence of any event of default for the financial periods ended Dec. 31 and to amend the thresholds to provide for a suspension from compliance for the period from Jan. 1, 2020 to March 31, 2021.

Additionally, Breadtalk is seeking to amend the definitions of consolidated interest expense, consolidated secured debt, consolidated tangible net worth, consolidated total asset and consolidated total borrowings to align the definitions with those of the company’s 2019 medium-term note program.

Finally, the issuer is seeking to add a redemption option for all of its. notes.

United Overseas Bank Ltd. is the solicitation agent.

Copies of the consent solicitation statement, the proxy form and the earmarking instruction letter will be available from the office of the Meeting Agent, Tricor Singapore Pte. Ltd., through April 13.

Breadtalk is a Singapore-based bakery that operates a chain of retail outlets throughout Southeast Asia and in the Middle East.

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