General Announcement::Announcement

Issuer & Securities

Issuer/ Manager
WINSWAY ENTERPRISES HOLDINGS LIMITED
Securities
WINSWAY US$500M8.5%N160408R - USG97214AA16 - 4TDB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
09-Apr-2015 08:48:11
Status
New
Announcement Sub Title
Announcement
Announcement Reference
SG150409OTHRU6MT
Submitted By (Co./ Ind. Name)
Issuer Services
Designation
SGX-ST
Description (Please provide a detailed description of the event in the box below)
Reference is made to the US$500,000,000 8.50% senior notes due 2016 issued by the Company on 8 April 2011 of which approximately US$309,310,000 in principal amount currently remain outstanding (the 'Senior Notes' ). Under the terms of the indenture dated 8 April 2011, as amended and supplemented, in relation to the Senior Notes ( 'Indenture' ), the Senior Notes bear interest at a rate of 8.50% per annum which is payable semi-annually in arrears on 8 April and 8 October of each year, commencing on 8 October 2011. The Board announces that the Company has not made the scheduled interest payment (the ' Interest Payment' ) of US$13.15 million which was due on 8 April 2015. The Company now intends to utilise the 30-day grace period for making the Interest Payment under the terms of the Indenture to progress discussions with certain identified holders of the Senior Notes (the ' Bondholders' ) about a potential restructuring of the Senior Notes. The Company will make a further announcement regarding the Interest Payment and its discussions with Bondholders when appropriate.

Attachments

announcement.pdf
Total size =58K

DISCLAIMER: This announcement was prepared and issued by the named Issuer/ Manager to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNet for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the named Issuer/ Manager directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement.