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Bondholders rattled as F&N plays tough

They feel it'll be willing to push ahead with FCL listing and enter technical default

F&N, a beverage and property conglomerate, is asking holders of about $808.25 million of bonds to waive certain default terms on their notes and to allow the company to buy back the bonds at par plus half the coupon plus accrued interest - PHOTO: REUTERS

[SINGAPORE] Unhappy bondholders of Fraser and Neave (F&N) are fretting that the conglomerate could play hardball and accept default rather than pay more to obtain waivers for the listing of its property business.

But observers said that for F&N to do so would be highly unusual,...

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