Eu Yan Sang notes have put option but will likely be called

By Marisa Wong

Morgantown, W.Va., July 5 – Singapore’s Eu Yan Sang International Ltd. announced a put option for its S$75 million 4.1% series 001 notes due 2018 but said it intends to call the notes for redemption by Oct. 13.

The company said a change-of-shareholding event occurred on June 29, triggering a put option for the notes. Righteous Crane Holding Pte. Ltd. offered to purchase all of the issued and paid-up ordinary shares of Eu Yan Sang.

Eu Yan Sang added that because it has an existing call option, it amended the terms of the change-of-shareholding event put option for an “orderly” redemption process.

The issuer currently has an option to redeem the notes at 101.75 on or before Oct. 13, regardless of whether a change-of-shareholding event has occurred.

When a change-of-shareholder event occurs before notes are redeemed under the call option, any put option exercise remains subject to the issuer exercising its call option. So if the company does not call the notes by Oct. 13, noteholders will be able to put their notes up until Nov. 12. Put notes would be redeemed on Dec. 12.

However, the company said it fully intends to exercise the call option.

The series 001 notes were issued under the company’s S$300 million multicurrency medium-term note program.

Eu Yan Sang is a health care company based in Singapore.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.