Centurion Corporation is inviting noteholders to exchange $85 million of 5.25 per cent notes due 2020 for new $85 million of 5.5 per cent notes due 2022, it said yesterday morning.
It will pay a 0.25 per cent exchange premium to noteholders who offer to exchange their notes by the expiry deadline and whose notes are accepted for exchange.
The invitation began at 9am yesterday and will expire at noon on Jan 18.
Centurion said the move comes on the back of interest from major noteholders who want to extend their bond investment, in light of impending early redemption.
Centurion intends to exercise its option to redeem all the outstanding existing notes on the interest payment date of April 12, 2019 - a year ahead of the maturity date. Notice of this early redemption is expected to be given to shareholders between March 15 and 22.
Existing notes may only be offered for exchange in principal amounts of $250,000 and multiples thereof. Those which are not exchanged are expected to be redeemed on April 12 at 100 per cent of their principal amount, together with interest accrued to but excluding April 12.
The coupon on existing notes will step up to 7.75 per cent if the notes are not redeemed by April 12, 2019. The coupon on the new notes will step up to 8 per cent if they are not redeemed by Feb 1, 2021. The new notes are expected to have an issue date of Feb 1, 2019, and a maturity date of Feb 1, 2022.
ClassPass, a fitness marketplace start-up that gives users access to wellness classes and health clubs, has acquired its Asia-based competitor GuavaPass as part of its plans to grow its footprint in the region.
With the deal, ClassPass has acquired GuavaPass' operations in 11 cities across Asia including Singapore, Bangkok, Dubai, Hong Kong, Jakarta and Kuala Lumpur.
ClassPass said in a statement: "GuavaPass founders Jeffrey Liu and Rob Pachter will join the ClassPass team, along with select GuavaPass talent, to further expand ClassPass' international presence."
The acquisition is expected to be completed by the end of the month, and GuavaPass will cease operations in markets where ClassPass is available. However, in markets where ClassPass does not have a presence, the GuavaPass brand will continue to operate but under the ClassPass umbrella. With the acquisition, ClassPass now operates in over 80 markets across 11 countries and has plans to launch in at least 50 new markets this year.