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Tuan Sing to raise S$80m in note issuance, counter hits 5-year high

TUAN Sing Holdings' counter hit a five-year high on Friday just before it announced the pricing of its S$80 million 4.5-per-cent notes due 2019.

The property developer's counter rose 6.7 per cent to S$0.475, with 17.3 million shares changing hands, a much heavier volume than usual.

After the market closed, it said that its notes will be issued at 100 per cent of their principal amount and in denominations of S$250,000, with a fixed interest rate of 4.5 per cent per annum, payable semi-annually.

These notes will be issued under its S$900 million multi-currency medium-term note programme set up in February last year. They will likely be issued on Oct 14 and mature on Oct 14, 2019.

The net proceeds from this issue will be used for financing investments and general working capital of the developer and its subsidiaries, it said.

DBS Bank and HSBC have been appointed the joint lead managers and joint bookrunners for the note issuance.