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CWT fully redeems its S$100m 3.9% notes

HNA'S Singapore-based logistics unit CWT Pte Ltd has redeemed in full its S$100 million notes maturing today, together with the
accrued interest, it announced on Thursday.

The Singapore-dollar denominated Series No. 001 notes, which carry a 3.9 per cent coupon, last traded over the counter on April 11 at 94.5 Singapore cents to the dollar, according to records on Bloomberg.

Note holders had been bracing for the worst when CWT's parent company, Hong Kong-listed CWT International, said on Tuesday that it had failed to pay interest on a HK$1.4 billion (S$241.7 million) facility. It faces asset seizure for the default.

However, Singapore's CWT operates independently from its parent and it's business as usual, The Business Times understands. CWT's business is ringfenced from the parent.

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Since Tuesday also, three Singapore landlords - Mapletree Logistics Trust, Cache Logistics Trust and AIMS Apac Reit - have come out to say that CWT, one of their top tenants, has been up to date on its rental payments.

CWT became a part of the Chinese conglomerate HNA Group in 2017, when HNA privatised Singapore-listed CWT through a special vehicle of Hong Kong-listed HNA Holding Group Co. Later, HNA Holding Group Co was renamed as CWT International.