GoodPack Bonds – Consent Solicitation

**GOODPACK LIMITED – CONSENT SOLICITATION EXERCISE**

Goodpack Limited (the “Company”) has mandated DBS Bank Ltd. and Oversea-Chinese Banking Corporation Limited as joint solicitation agents in relation to a proposed consent solicitation exercise (the “Consent Solicitation Exercise”) to seek certain waivers relating to, and make certain amendments to, the terms in relation to six series of notes issued pursuant to the Company’s S$600,000,000 Multicurrency Medium Term Note Programme (“Existing Notes”):

– S$62 million 4.25 per cent. notes due 2016 comprised in Series 002 (the
“Series 002 Notes”)
– S$65 million 4.70 per cent. notes due 2017 comprised in Series 003 (the
“Series 003 Notes”)
– S$60 million 4.50 per cent. notes due 2019 comprised in Series 004 (the
“Series 004 Notes”)
– S$30 million 4.75 per cent. notes due 2023 comprised in Series 005 (the
– S$75 million 4.15 per cent. notes due 2018 comprised in Series 007 (the
“Series 007 Notes”)

In the event that the Existing Notes are redeemed prior to their maturity, the
proposed indicative redemption prices on the Existing Notes are as follows:

– 103.15% in respect of the Series 002 Notes [yield 2.27%]
– 104.25% in respect of the Series 003 Notes [yield 3.21%]
– 102.75% in respect of the Series 004 Notes [yield 3.92%]
– 99.88% in respect of the Series 005 Notes [yield 4.77%]
– 99.88% in respect of the Series 006 Notes [yield 4.72%]
– 102.25% in respect of the Series 007 Notes [yield 3.56%]

It is envisaged that consent fees will be paid to holders of Existing Notes who
deliver, or arrange to have delivered on their behalf, valid consents in respect of the Consent Solicitation Exercise as follows:

Indicative Early Consent Fee on the Existing Notes:
S$1,125.00 per S$250,000.00; or

Indicative Standard Consent Fee on the Existing Notes (for holders of the
Existing Notes who do not qualify for the Early Consent Fee): S$625.00 per S
$250,000.00

Holders of Existing Notes who are eligible to receive the Early Consent Fee
will not additionally receive the Standard Consent Fee.

Comments :

Hard to swallow for the 9 year bond holders even if the offer prices are pretty close to the last done secondary market levels.

I am not sure what the other terms are for the deal and the majority to make a quorum.

Do keep me posted if you have more information.