Singapore’s Maxi-Cash will buy or exchange 6.35% notes due 2022

Chicago, Jan. 3 – Maxi-Cash Financial Services Corp. Ltd. started a liability management exercise for its outstanding S$50 million 6.35% notes due July 22, 2022 (ISIN: SGXF40779641), according to a notice.

The company is offering to buy some of the notes or, alternatively, to exchange the existing notes for new notes.

The cash offer is capped at S$10 million and the exchange offer applies to any and all of the existing notes.

In the cash offer, the notes would be purchased at par plus interest.

If noteholders wish to exchange their notes, they will receive a like principal amount of 6.05% notes due Jan. 24, 2025, issued under the company’s S$300 million multicurrency medium-term note program. Exchanging noteholders would also receive an amount in cash equal to 0.25% of the principal amount of the exchange offered notes and interest.

The offer expires at 9 p.m. ET on Jan. 13.

The issue date for the new notes, and the settlement date, is expected to be Jan. 24.

DBS Bank Ltd. is the dealer manager.

Tricor Barbinder Share Registration Services is the tender and exchange agent (+65 6236 3550/3555, corporateactions@sg.tricorglobal.com).

The issuer is a pawnbroker based in Singapore.

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