KUALA LUMPUR (Oct 18): IOI Corp Bhd’s subsidiary IOI Investment (L) Bhd has invited holders of its outstanding US$600 million 4.375% notes due 2022 to either submit tenders to purchase their notes for cash on the terms and in the tender offer to be despatched to them.

“IOI Investment (the offeror) announces today (Oct 18) an invitation to holders of its outstanding US$600 million 4.375% notes due 2022 (ISIN: XS0792911298) guaranteed by IOI Corp (the guarantor) under the US$1.5 billion Euro Medium Term Note Programme (the notes) to tender any or all of their notes for purchase by the offeror for cash (such invitation, the offer),” said IOI Corp in a bourse filing Monday.

IOI Corp said the offer, in conjunction with the issuance of the new notes, is part of the group’s proactive management of its funding and capital structure.

It also noted that notes purchased by the IOI Investment pursuant to the offer are expected to be cancelled and will not be re-issued or resold.

“The offeror will pay (on the settlement date) for any notes validly tendered and accepted for purchase by it pursuant to the offer a purchase price of US$1,023 per US$1,000 of the nominal amount of such notes (the purchase price).

“The offeror [IOI Investment] will also pay (on the settlement date) an accrued interest payment in respect of any notes accepted by it for purchase pursuant to the offer,” it said.

The offer commences on Monday (Oct 18) and will expire at 4pm London Time on Oct 27, according to the group.

Separately, after the announcement, IOI Corp’s shares has been halted on Monday with effect from 11.55am.   

Accordingly, trading in the structured warrants relating to IOI Corp also has also been halted at the same time.

“Trading in IOI Corp’s shares and structured warrants will resume with effect from 2.30pm, Monday (Oct 18),” it said.

Shares of IOI Corp were last traded at RM4.04, down by one sen or 0.25% with some 472,900 shares done. This gave the group a market capitalisation of RM25.39 billion.