Vibrant seeks noteholder approval for waiver of notes' terms

Singapore

MAINBOARD-LISTED Vibrant Group is seeking noteholders' approval to waive certain key obligations for its S$66 million series of 7.50 per cent notes due 2020.

The integrated logistics provider is asking, among other things, that noteholders add a mandatory redemption provision, which would allow the company to sell all of the shares it owns in Sabana Investment Partners for cash. Net proceeds from the sale will be deposited in escrow and used towards redeeming the notes.