Hyflux investor invites noteholders, unsecured creditors to offer debt at minimum 85% discount

AQUA Munda is inviting Hyflux noteholders and unsecured creditors to offer their debts for purchase at a minimum discount of 85 per cent.

The invitation begins at 9am on Dec 30 and expires at 5pm on Jan 23, 2020, the Singapore-registered company said in its invitation memorandum on Dec 27.

Eligible creditors are invited to submit bids for some or all of their debt, with a discount of at least 85 per cent on the offered debt.

Aqua Munda has sole and absolute discretion to decide which bids to accept, but in general, the bid with the highest offered discount will be accepted first, followed by the one with the next highest offered discount, and so on, until the available settlement funds are used up.

Aqua Munda said it will confirm the total available funds by Jan 18. The total principal amount of the eligible debt is about S$1.8 billion, representing nearly two-thirds of Hyflux's total S$2.8 billion debt.

In its Dec 28 Singapore Exchange filing on the invitation memorandum, Hyflux said it will make the appropriate announcements as and when there are any further material developments on this matter.

The invitation is open to holders of Hyflux's 4.25 per cent notes due 2018, as well as its 4.6 per cent and 4.2 per cent notes due 2019. It is also open to holders of other senior unsecured debts, contingent debts, and trade and other debts of Hyflux and three of its subsidiaries: Hydrochem, Hyflux Membrane Manufacturing, and Hyflux Engineering.