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Fragrance Group offers to buy back up to S$30m of its S$100m due-2021 notes
PROPERTY developer Fragrance Group is proposing to repurchase up to S$30 million in aggregate principal amount from the holders of its S$100 million 4.75 per cent unsecured notes due November 2021.
Fragrance Group will repurchase the notes in cash, at the daily prevailing market price quoted for them, including accrued interest, subject to a price cap of 97 per cent of the principal amount of the notes.
The prevailing market price has been around 96 per cent of the principal amount “in recent times”, the mainboard-listed company said in a bourse filing on Thursday night.
The proposed repurchase will start on June 21 and end on July 5.
In the event that the amount of notes made available by the noteholders for repurchase exceeds the S$30 million cap, Fragrance will end the repurchase earlier, once the repurchased amount reaches that limit.
The S$100 million four-year notes were issued at par in November 2017. They were part of the company’s S$1 billion multicurrency debt issuance programme.
Fragrance Group said in the filing that neither the company nor its management is making any recommendation as to whether noteholders should tender their notes under the proposed repurchase.
Shares of Fragrance Group closed up 0.2 Singapore cent or 1.64 per cent at S$0.124 on Thursday.