GSH proposes to repurchase up to S$20m of notes due 2020
GSH Corporation on Tuesday proposed to repurchase up to S$20 million of its S$70 million notes due 2020 in cash at par, together with applicable accrued interest.
The Series 002 notes carry a coupon of 5.15 per cent and fall under the property developer's S$800 million multicurrency medium-term note programme.
The proposed repurchase will start on Tuesday until June 8, with DBS Bank acting as the buyback agent.
The company said it is undertaking the repurchase as part of its capital-management strategy to prudently manage its interest cost.
GSH's directors who are noteholders have voluntarily undertaken to limit their own tender amount to around 28.5 per cent of each director's holdings in the notes - the proportion of the proposed repurchase against the total principal outstanding.
As at Tuesday, the company's directors together hold an aggregate principal amount of notes which translate to around 39 per cent of the total notes outstanding.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Shares of mainboard-listed GSH last traded at S$0.21 on Friday.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Olam tops Louis Dreyfus’ offer for Australia’s Namoi Cotton as takeover battle heats up
UG Healthcare fully acquires German subsidiary for 16.9 million euros
Daiwa House Logistics Trust posts 0.6% higher Q1 distributable income
Stocks to watch: UOB, DBS, Olam, Far East Orchard, Daiwa House Logistics Trust, Manulife US Reit
Twilio forecasts quarterly revenue below estimates on weak enterprise spending
Fed’s Kashkari says rates likely on hold for ‘extended period’