Banyan Tree posts Q1 loss, to raise S$50.4m in convertible bonds
The two-year bonds, which carry a coupon of 7.5% per annum, can be converted into shares at S$0.25 apiece
Singapore
BANYAN Tree Holdings is proposing a renounceable and non-underwritten rights issue of convertible bonds to raise S$50.4 million.
This comes as the hospitality group reported a net loss of S$3.4 million for the first quarter ended March 31, overturning a profit of S$5.2 million in the same period last year.
The bonds will be issued at S$1 each on the basis of six convertible bonds for every 100 existing shares, the mainboard-listed hospitality group announced on Thursday.
They will have a coupon rate of 7.5 per cent per annum and a maturity date of two years. Upon maturity - and unless they are redeemed earlier, converted, purchased or cancelled - Banyan Tree will redeem the bonds at the principal together with…
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