Hong Kong's Titan Petrochemicals solicits consents for 8½% notes

By Jennifer Chiou

New York, Aug. 21 - Titan Petrochemicals Group Ltd. said it launched a consent solicitation for its 8½% guaranteed senior notes due 2012.

The Hong Kong-based trader of petrochemicals and oil products said it is looking to amend the note indenture to clarify that in any offer or payment of consideration for any consent, waiver or amendment to the indenture, it may exclude holders of notes to whom the payment would require the company "burdensome registration, filing or reporting requirements."

The solicitation deadline is 5 p.m. ET on Sept. 3.

Titan is offering a consent fee of $2.50 for each $1,000 principal amount of notes.

Lynchpin Bondholder Management is the information agent (852 2526-5406). Goldman Sachs (Asia) LLC is the lead solicitation agent (852 2978-0104) and ING Bank NV, Singapore Branch is the co-solicitation agent (44 20 7767-5107).

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