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RHT Health Trust seeks bondholders' nod for sale to Fortis, maturity extension
THE MANAGER of RHT Health Trust is asking holders of S$120 million of 4.5 per cent notes due July 2018 to approve a sale of assets to Fortis Healthcare and a six-month extension of the maturity date.
Fortis's 46.5 billion Indian rupee (S$950 million) acquisition of RHT Health Trust's entire portfolio is conditional upon obtaining consent from RHT Health Trust's bondholders.
As part of the consent solicitation, the trust manager is also asking bondholders to extend the maturity date on the notes by six months, to January 2019. The redemption amount at maturity will however be raised to 100.45 per cent of the principal amount.
The trust manager is also seeking to introduce a mandatory redemption event that will allow the issuer to redeem all the notes within 21 days of the completion of the sale to Fortis.
DBS Bank and United Overseas Bank are the joint solicitation agents.