Tuan Sing Holdings 5IC has priced $150 million worth of notes under its $900 million multicurrency medium term note programme.
The notes carry a coupon of 7.5% per annum payable semi-annually in arrear and are expected to mature on Nov 2, 2027. The new notes will be issued at an issue price of 100% of the principal notes and in denominations of $250,000.
Tuan Sing may redeem all of the new notes on any date after Nov 2, 2026, at 102% of the principal amount of the new notes, together with interest accrued to the date fixed for redemption.
The net proceeds arising from the new notes will be used to finance the aggregate purchase price for the existing notes validly tendered and accepted for purchase by Tuan Sing, and for property development and investment purposes. The proceeds will also go towards the repayment and, or the financing of indebtedness as well as for Tuan Sing’s general corporate purposes.
The new notes are expected to be issued on Nov 2.
DBS Bank Ltd., Deutsche Bank AG, Singapore branch and United Overseas Bank U11 Limited (UOB) have been appointed as joint lead managers in respect of the new notes.
See also: Tuan Sing offers to buy Series 004 notes from noteholders at 102% of the notes’ principal amount
As at 3.08pm, shares in Tuan Sing are trading 0.5 cents higher or 1.85% up at 27.5 cents.
