General Announcement::Intimation of proposed cash buyback in respect of Glenmark Pharmaceuticals Limited

Issuer & Securities

Issuer/ Manager
GLENMARK PHARMACEUTICALS LIMITED
Securities
GLENMARK PH US$200M4.5%210802 - XS1456577334 - 4N4B
GLENMARK PHARM US$170M2%220628 - XS1426780125 - 4G8B
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
01-Oct-2018 23:17:03
Status
New
Announcement Sub Title
Intimation of proposed cash buyback in respect of Glenmark Pharmaceuticals Limited
Announcement Reference
SG181001OTHRWAUQ
Submitted By (Co./ Ind. Name)
Glenmark Pharmaceuticals Ltd
Designation
Company Secretary Compliance Officer
Effective Date and Time of the event
01/10/2018 16:00:00
Description (Please provide a detailed description of the event in the box below)
This is further to our letters dated 25 September 2018 and dated 28 September 2018 regarding a buyback of FCC Bonds issued in 2016 which are currently listed on the Singapore Exchange Securities Trading Limited ( SGX-ST ). The Board of Directors of the Company delegated powers to the operations committee. The operations committee approved the launch of buyback of FCC Bonds ( Buyback FCCBs ) from existing holders of FCC Bonds ( Buyback Bondholders ) and MUFG Securities Asia Limited and J. P. Morgan Securities Limited are appointed as dealer managers, on behalf of the Company to repurchase FCC Bonds at a repurchase price of 105% of the principal amount outstanding, up to an aggregate purchase price of U.S.$ 100 million plus accrued and unpaid interest per FCC Bond.

Subsequently, the operations committee in their second meeting held today determined the detailed terms and conditions of the repurchase of the Buyback FCCBs, including but not limited to the number of Buyback FCCBs to be bought back, the number of Buyback FCCBs to be bought back as a percentage of the aggregate FCC Bonds and the repurchase price for the Buyback FCCBs as set out below. The second meeting of the operations committee commenced at 5.00 p.m. and concluded at 5.40 p.m.

The operations committee of the Company approved the repurchase price of the Buyback FCCBs which will be 105% of the principal amount of the FCC Bonds being U.S.$ 262,500 for each U.S$ 250,000 of FCC Bonds, plus accrued but unpaid interest. The Company has agreed to buyback U.S.$ 86.5mn in aggregate principal amount (representing 346 FCC Bonds in number of U.S$ 250,000 denomination for each FCC Bond) of the FCC Bonds. These Buyback FCCBs represent 43.25% of the aggregate FCC Bonds. The closing/settlement date for the buyback will be 5 October 2018. On the closing/settlement date (or if applicable, an extended date), the Company will pay an aggregate purchase price of U.S.$ 90,825,000 for the Buyback FCCBs, plus accrued but unpaid interest. Following settlement, U.S.$ 113.5mn in aggregate principal amount of FCC Bonds will remain outstanding.

Attachments

SGX_OCM_01102018_outcome.pdf
Total size =198K