Tuan Sing Holdings 5IC has offered to buy its Series 004 notes from its noteholders at 102% of the principal amount. The notes were issued under the group’s $900 million multicurrency medium term note programme.
The outstanding principal amount of the notes is at $141.8 million. The notes, which carry a coupon of 6.9% per annum (p.a.), will mature on Oct 18, 2024.
The invitation to convert noteholders’ notes to cash will allow the group to actively manage its debt capital structure by improving and extending its debt maturity profile and optimising financing costs. It will also provide existing noteholders with an opportunity to remain invested in the group, says Tuan Sing.
The group is also looking to issue new Singapore dollar-denominated fixed-rate notes (Series 005) under the same programme. Priority will be given to Tuan Sing’s existing noteholders who wish to take part in the conversion of notes to cash and the buying of new notes.
DBS Bank, Deutsche Bank AG Singapore and United Overseas Bank U11 (UOB) are the dealer managers of the invitation. Tricor Barbinder Share Registration Services is the tender agent.
DBS Bank, Deutsche Bank AG Singapore and UOB are also the joint lead managers for the issuance of new notes.
See also: Sembcorp issues $350 mil of guaranteed notes due 2036 at 3.65%
The offer for existing noteholders to sell their notes will end at 10am on Oct 31.
As at 10.48am, shares in Tuan Sing are trading 0.5 cents lower or 1.75% down at 28 cents.
