Sino Grandness said on Thursday that it has agreed to an amended bond repayment extension related to bonds issued by Garden Fresh (HK) Fruit & Vegetable Beverage, its indirect and wholly owned subsidiary.
Under the new deal, Garden Fresh Cayco will issue creditor GS a first 2012 preference share and Garden Fresh HK will fully redeem its 2012 SB2 bonds and 2011 SB2 bonds by the new completion date, which is in around 12 months, it said in a filing to SGX after the market close on Thursday.
The outstanding 2011 and 2012 bonds will be substituted with the issuance of 2011 and 2012 preference shares, which will be convertible under certain conditions into ordinary shares of Garden Fresh Cayco, it said.
The 2012 preference shares, which are majority held by GS, are convertible into 13.0 percent of the shares in Garden Fresh Cayco, while the 2011 preference shares, which are majority held by creditor CDIB Capital, are convertible into 3.876 percent of Garden Fresh Cayco shares, the filing said.
No new shares will be issued in connection with the bond repayment, Sino Grandness said.
Sino Grandness requested a lifting of the trading halt on its shares that went into effect yesterday.