DEAL: Singapore’s first switch tender offer

Author: Karry Lai | Published: 4 Dec 2017

Pacific International Lines’ existing noteholders of S$130 million ($96.4 million) notes due 2018 have had the opportunity to swap to new S$60 million notes due 2020, in what is Singapore’s first switch tender offer.

The offer was structured so that deal manager Standard Chartered intermediated the tender offer and new issuance by accepting the offers from existing bondholders on the issuer's behalf and on its instructions, and then matching offers for the tender with trade tickets for the new 2020 notes to be issued.

"Compared to a classic route of an exchange offer where the issuer approaches the noteholders in exchange for new notes, the issuer had less logistics to deal with since Standard Chartered acted as the go-between and it was a two-in-one transaction," said Hui Choon Yuen, partner...


 

 

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