Advance SCT says BayCrest Int'l plans to subscribe for S$2m worth of its bonds
ADVANCE SCT said on Monday that BayCrest International Inc (BCI) plans to subscribe for S$2 million worth of redeemable convertible bonds (RCBs) that it is going to issue.
The Singapore-listed supplier of copper-related products said it entered into a non-binding memorandum of understanding (MOU) on July 19 with BayCrest, a company incorporated in the US.
The proposed RCBs placement by Advance SCT is part of a corporate exercise being contemplated that includes the capitalisation of debts held by several major creditors.
"Parties are still in negotiations as to the details of the proposed RCBs placement and will enter into a definitive agreement in due course,'' Advance SCT said.
The RCBs are expected to be valid for three years from the date of issuance and carry a coupon rate of 3 per cent per annum. The placement is conditional upon the completion of the debt capitalisation exercise.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Frasers Property H1 profit slides 81% on property value losses, lower residential contributions
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
Barclays cuts jobs in energy transition team it only just built
UMS Holdings Q1 net profit drops 44% to S$9.8 million
SIA Engineering H2 profit rises 11.5% to S$37.8 million on robust aviation MRO demand
Great Eastern shares jump 39% as OCBC mounts S$1.4 billion privatisation bid at S$25.60 per share