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Fragrance Group prices its S$125m 6.1% 2021 notes
FRAGRANCE Group has priced its S$125 million 6.125 per cent fixed-rate notes, which mature on April 26, 2021 under the company's S$1 billion multicurrency debt issuance programme.
The notes are expected to be issued on April 26, 2018 at 100 per cent of their principal amount and in denominations of S$250,000, the company said in a filing with the Singapore Exchange on Thursday evening.
Fragrance added: "The notes may be redeemed by the issuer, in whole (but not in part), at any time on or after the fourth interest payment date at 103.063 per cent of their principal amount."
Net proceeds arising from the issue of the notes will be used for general corporate purposes, including financing investments and for general working capital.
Family members of Koh Wee Meng, the executive chairman and chief executive officer (CEO) of the company will be subscribing for the notes. This includes Mr Koh's wife, Lim Wan Looi, his mother Tan Su Lan and siblings Koh Wee Seng and Ko Lee Meng.
Moreover, Fragrance's executive director and deputy CEO Periakaruppan Aravindan, its chief financial officer Chen Loong Mey and an independent director of the company will also subscribe to the notes.
Together, the related parties to Mr Koh will be subscribing for S$15.5 million worth of notes totalling about 12.4 per cent of the offering.
Credit Suisse (Singapore) and OCBC have been appointed to act as the joint lead managers and bookrunners in connection with the offering of the notes. SAC Capital has been appointed to act as the co-manager in connection with the offering of the notes.
The debt issuance programme was established on Oct 3, 2013 and updated on Aug 1, 2017.
Fragrance shares ended S$0.001 or 0.6 per cent down at S$0.155 on Thursday before the announcement.