Corporate digest

Courts Asia

COURTS Asia is offering to buy back its S$75 million worth of 5.75 per cent notes due 2019 at 100.75 per cent of the principal amount. The electronics and furniture retailer is concurrently seeking noteholders' consent to include a call option in the terms of the notes that will allow Courts Asia to redeem the bonds early at 100 per cent of par. The issuer plans to exercise that option within 15 days if it is successfully included.

Noteholders who deliver their consent to the inclusion of the call option by the business close of July 13 will receive an early consent fee equal to 0.25 per cent of the principal amount. Consent received thereafter will receive a normal consent fee of 0.15 per cent. The company has called for a noteholders' meeting at 10am on July 20 to vote on the proposal.