Fragrance Group launches £45m notes due 2021

FRAGRANCE Group Limited announced on Tuesday that the company has launched and priced £45 million (S$79 million), 3.25 per cent fixed rate notes due 2021.

The notes are expected to be issued on Aug 23, 2017, with a maturity date on Aug 23, 2021.

The notes are issued under the company's S$1 billion multicurrency debt issuance programme. The company says the notes will be issued at an issue price of 100 per cent of their principal amount and in denominations of £100,000 and integral multiples of £1,000 thereof. The notes will bear interest at a fixed rate of 3.25 per cent per annum and will be payable semi-annually.

The company says net proceeds arising from the issue of the notes will be used for general corporate and working capital purposes.

Koh Wee Meng, Lim Wan Looi, Ko Lee Meng and Periakaruppan Aravindan will be subscribing for the notes. Mr Koh is founder, executive chairman and CEO of the company, and will be subscribing for £25.25 million worth of notes, totalling about 56.1 per cent of the offering.

DBS Bank is the sole lead manager and bookrunner for the offering.