F&N bondholders seen as the biggest hurdle to property unit spin off

Decision to be revealed today.

According to Bloomberg's report, Fraser & Neave Ltd. (FNN) may learn as soon as today whether bondholders will allow the company to amend the terms on S$808.25 million ($650 million) of debt so it can spin off its property unit without triggering a default.

The beverages and property conglomerate, controlled by Thai billionaire Charoen Sirivadhanabhakdi, asked debt holders to waive certain default clauses and allow the company to buy back the securities on or before June 30, 2014 for a fee, according to Oct. 28 announcements to the Singapore stock exchange.

The company offered to pay 100 cents on the dollar and a fee worth half of the note’s coupon and the accrued interest on the date that Fraser & Neave can call the securities, the documents show.

Read full report here.

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