Aqua Munda again extends deadline for Hyflux debt buyout

AQUA Munda has again extended its invitation for Hyflux's noteholders and unsecured creditors to tender offers for their debts to be purchased at a minimum discount of 85 per cent.

In a press statement on Monday, Aqua Munda said it expects greater interest from creditors in a "simpler, faster and more timely cash-only exit" as recent events, including the resignation of WongPartnership as Hyflux's counsel and the resulting adjournment of the High Court of Singapore hearing on Jan 29, "are understood to have raised significant additional concerns" around Hyflux's situation. 

The investor has therefore extended the invitation expiry date from Jan 31 to Feb 22. 

In addition, the deadline for offers to be accepted has been revised from Apr 3 to Apr 24. The long-stop date will be July 17. 

The option to tender is open to holders of Hyflux's 4.25 per cent notes due in 2018, 4.6 per cent notes and 4.2 per cent notes due in 2019, as well as holders of other senior unsecured, trade and contingent debts of the water treatment firm and three of its subsidiaries.

Aqua Munda previously said it is committing S$208 million to fund the debt buyout offer. The total principal amount of debt eligible for the buyout is about S$1.8 billion, or nearly two-thirds of Hyflux's total S$2.8 billion debt.

Hyflux said in a bourse filing on Monday that it "will make the appropriate announcements as and when there are any further material developments on this matter".