AusGroup to hold 2nd meeting with note holders

AusGroup will conduct its second informal meeting with note holders on June 18 in relation to the consent solicitation exercise it plans to launch for the $110 million of 8.45 per cent notes due in October.

Its first informal meeting was held on May 16.

The second meeting will be moderated by the Securities Investors Association (Singapore), the investor advocacy group also known as Sias.

It will provide note holders with a summary of a consent solicitation exercise relating to the notes, respond to queries raised at the first meeting, and also give an update on the formation of the independent steering committee of note holders, AusGroup said yesterday.

The notes, which were issued in 2014 under a $350 million multi-currency programme, originally bore a coupon of 7.45 per cent with a maturity in 2016.

After a consent solicitation exercise in 2016, note holders agreed to extend the maturity of the bonds to 2018 while stepping up the coupon.

This was increased to 7.95 per cent from October 2016 to 2017, and to the current 8.45 per cent after October last year.

The notes, which were issued in 2014, originally bore a coupon of 7.45 per cent with a maturity in 2016.

A version of this article appeared in the print edition of The Straits Times on June 07, 2018, with the headline 'AusGroup to hold 2nd meeting with note holders'. Print Edition | Subscribe