Oxley Holdings says subsidiary Oxley MTN has, on June 30, priced $70 million worth of notes due 2024, guaranteed by Oxley Holdings.
The notes were issued under the group’s US$1 billion ($1.34 billion) Guaranteed Euro Medium Term Note Programme.
The SGD-denominated Series 4 notes will be issued on July 8.
They will carry a coupon of 6.9% per annum and will mature on July 8, 2024.
The net proceeds from the issue of the notes will be used for general corporate purposes, as well as the group’s working capital and working capital expenses.
The group, as at June 30, has some $800 million in outstanding notes and existing outstanding borrowings.
Should the event of a change in control occur, including an event where the permitted holders – meaning Ching Chiat Kwong, Low See Ching and their respective family members and affiliates – own less than 51.0% of the total voting power in the group, the holders of the Series 4 notes will have the option to require the issuer to redeem the notes with accrued interest.
Holders of the notes are also entitled to require Oxley MTN to redeem the notes should Oxley’s shares cease to be traded on the SGX-ST, or if trading of its shares is suspended for a straight period of over seven days.
Credit Suisse (Singapore) and DBS Bank acted as arrangers and joint bookrunners.
Shares in Oxley closed 0.5 cent higher or 2.1% up at 24 cents on July 1.
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