Aspial to issue S$50m 6.5% 3-year notes at par

ASPIAL Corporation, which sells jewellery and develops property, on Monday said it is offering S$50 million worth of three-year notes at par.

The notes, which will mature on March 20, 2023, will have a fixed coupon rate of 6.5 per cent per annum, payable semi-annually in arrear.

The notes are in denominations of S$250,000 each and are expected to be issued on March 20, 2020.

Proceeds will be used for refinancing of existing borrowings and general corporate purposes, Aspial said in a bourse filing.

The Series 007 notes will be issued under the company's S$700 million multi-currency debt issuance programme.

Certain controlling shareholders of Aspial and/or entities and/or persons related to them have been allocated about 87.5 per cent of the entire issue of Series 007 notes, said the company. This makes them substantial holders.

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DBS Bank and OCBC have been appointed as joint lead managers and bookrunners.

Shares of mainboard-listed Aspial closed down 0.4 Singapore cent or 2.5 per cent to 15.5 cents on Monday.