Tata Intl proposes tender offer, consent solicitation exercise for 2018 bonds
Australia and New Zealand Banking Group Limited has been appointed the sole dealer manager for the Invitation.
Tata International has proposed tender offer and consent solicitation exercise for its S$50 million 4.3% 2018 bonds and S$150 million 6.65% perpetual, the company said in an announcement on Singapore Stock Exchange.
"The Company wishes to announce that it has today commenced a tender offer inviting holders of the Notes and holders of the Perpetual Securities to (a) offer to sell for cash to the Company, any and all of the outstanding Notes and/or Perpetual Securities held by them and (b) consent to the Proposal, in each case, subject to the terms and conditions of the Invitation Memorandum", the company said in the regulatory filing submitted to the Exchange.
As per the filing, Australia and New Zealand Banking Group Limited has been appointed the sole dealer manager for the Invitation.
The company will subject to terms and conditions of Invitation Memorandum, or procure the purchase of securities validly offered for sale on the settlement date. "The relevant Settlement Amount will be paid for Securities validly offered for sale on or prior to the Expiration Deadline, subject to the terms and conditions of the Invitation Memorandum."
Further, the company also sought approval by the extraordinary resolution of the Noteholders, subject to the payment of relevant amount, amend the terms and conditions of the Notes to insert a call option. This will enable the company to, on giving not less than five business days' notice to the Noteholders to redeem all the Notes then outstanding.
Similar approval was sought by the company for the Pertpetual Securityholders. As per the filing, if the notes proposal and Perpetual Securityholders is approved, and the relevant purchase price is paid, then "the supplemental trust deed implementing the Notes Proposal will be entered into and the company may, at its option by giving not less than five business days' notice, redeem all of the Notes at 100% of their principal amount, together with interest accrued to the date fixed for redemption".
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