Malaysia’s IOI seeks consents under 4 3/8% notes for asset sale

By Susanna Moon

Chicago, Jan. 3 – IOI Corp. Bhd.’s wholly owned subsidiary IOI Investment (L) Bhd. is soliciting consents for its $600 million of 4 3/8% notes due 2022.

The consent fee deadline is 11 a.m. ET on Jan. 19 and the final voting deadline is 4 a.m. ET on Jan. 24. The noteholders meeting has been scheduled for Jan. 29 in Hong Kong.

The issuer is asking noteholders to approve the proposed sale of 70% of its parent company’s equity stake in Loders Croklaan Group BV to Koninklijke Bunge BV, a wholly owned subsidiary of Bunge Ltd., according to a company announcement.

IOI Corp. entered into a definitive share purchase agreement with Bunge on Sept. 12 to sell the assets for cash of $595 million plus €297 million, with some adjustments.

The proposed sale was approved by shareholders at a meeting held on Dec. 4.

If the consents are obtained, the issuer will pay holders who send electronic voting instructions in favor of the proposal a consent payment of $1.50 for each $1,000 principal amount.

To pass, the measure requires a majority consisting of at least 75% of the votes cast.

D.F. King Ltd. (+44 20 7920 9700, +852 3953 7230, ioi@dfkingltd.com or https://sites.dfkingltd.com/ioi) is the information agent.

IOI Properties is a property developer based in Putrajaya, Malaysia.

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