Centurion prices S$9.8m notes due 2024

Vivienne Tay
Published Wed, Oct 7, 2020 · 01:38 AM

WORKER and student accommodation provider Centurion Corporation has priced about S$9.8 million in fixed-rate notes due 2024.

These notes are on top of the company's previously announced invitation to holders of its existing S$60 million notes due 2022 to exchange them for new 3.5 year notes at a premium and/or to sell them for cash at par.

In a bourse filing on Tuesday, mainboard-listed Centurion said the additional notes will be issued at par and will carry a 5.75 per cent coupon until April 11, 2023. The rate will rise to 8.25 per cent from April 12, 2023, if any of the new notes are not redeemed by then.

Unless previously redeemed or purchased and cancelled, the notes shall mature on April 12, 2024.

Centurion said the additional notes will be fungible and shall consolidate into the same series as the new notes to be issued from the exchange of existing notes.

Net proceeds from the additional notes issue will be first applied towards purchasing the outstanding existing notes accepted for purchase by Centurion. Any excess proceeds after that will be used to redeem outstanding existing notes on Feb 1, 2021, the interest payment date.

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DBS is the sole lead manager and bookrunner for the additional notes, which fall under Centurion's S$750 million multicurrency debt programme.

The new notes for the exchange offer and additional notes will have an aggregate principal amount of S$55 million.

Certain controlling shareholders, directors and the chief executive of Centurion have been allocated about 11.1 per cent of the new notes for the exchange offer. This represents around 9.1 per cent of the entire S$55 million issue.

Centurion expects the new notes for the exchange offer and additional notes to be listed on the Singapore Exchange on or around Oct 13.

Shares of Centurion closed flat at 33.5 Singapore cents on Tuesday.


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