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AusGroup to seek consent from holders of S$110m of 8.45% notes due October 2018

AUSGROUP plans to launch a consent solicitation exercise for its S$110 million of 8.45 per cent notes due October 2018, and will conduct a first informal meeting with noteholders on May 16, the construction engineering company announced on Wednesday.

The informal meeting will be conducted together with the Securities Investors Association (Singapore), the investor advocacy group also known as SIAS.

The notes, which were issued in 2014 under a S$350 million multicurrency programme, originally bore a coupon of 7.45 per cent with a maturity in 2016. Following a consent solicitation exercise in 2016, noteholders agreed to extend the maturity of the bonds to 2018 while stepping up the coupon. The coupon was increased to 7.95 per cent from October 2016 to 2017, and to the current 8.45 per cent after October 2017.

For the six months ended December 2017, AusGroup had a net profit of A$7.3 million (S$7.3 million). Current assets as at end-2017 stood at A$168.9 million, including A$33.5 million of cash and cash equivalents. Current liabilities were worth A$231 million at the time. The group generated positive cash flow of A$10.3 million during the last six months of 2017.

AusGroup shares traded at 4.9 Singapore cents as at 10.42am on Wednesday, up 2.1 per cent or 0.1 Singapore cent.

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