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Century Sunshine starts exchange for 7.2% notes, to sell new notes
New York, May 9 – Century Sunshine Group Holdings Ltd. announced it is offering new notes due 2020 in exchange for its existing S$125 million of 7.2% notes due 2018 and will also offer new notes for cash.
The offer is intended to extend the company’s debt profile to support the capital investments needed under its strategy to expand in China.
In addition to offering to exchange the existing notes for new notes, Century Sunshine is also looking to amend the terms of the existing notes so that they can be redeemed starting on June 4 at a reduced price on at least seven days’ notice.
The new notes will have a minimum yield of 6.85%, the company said.
In addition to the exchange, the company will sell new notes with the same terms for cash under its S$300 million multicurrency medium-term note program.
As an incentive to participate in the exchange, Century is offering an exchange premium of 2.85% of the principal amount.
For the consent solicitation there is also a consent fee of 0.75% for consents delivered by the early deadline of 4 a.m. ET on May 22 or 0.50% for consents delivered after that point.
The exchange offer and consent solicitation ends at 4 a.m. ET on May 29.
A meeting to approve the amendments will be held at 4 a.m. ET on May 31.
Consents may be delivered without participating in the exchange.
Oversea-Chinese Banking Corp. Ltd. (+65 6722 2518 or liabilitymanagement@ocbc.com) is dealer manager.
Century Sunshine is a Hong Kong-based producer of magnesium and ecological fertilizers.
Note: This report adds more information to a report in the May 9 edition. In addition, the May 9 story incorrectly stated the coupon of the existing notes.
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