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Halcyon Agri to redeem 4.5% perps on April 26, averting 500bps step-up
RUBBER supplier Halcyon Agri said on Monday that it will redeem all US$150 million of its 4.5 per cent senior perpetual securities on April 26, 2019.
The distribution rate of the perps, which will be redeemed at 100 per cent of the principal amount plus accrued distributions, are set to step up by 500 basis points in April if they are not redeemed. The securities were issued in 2017 under Halcyon Agri's US$1 billion multicurrency debt issuance programme.
Halcyon Agri shares were trading at 44 Singapore cents as at 10.54am on Monday after the announcement.