Ho Bee Land to issue S$150 million worth of 5-year green notes at 3.3%

[SINGAPORE] Real estate developer Ho Bee Land is issuing S$150 million worth of 3.3 per cent five-year (*see amendment note) fixed-rate green notes under its S$800 million multi-currency medium-term note programme. 

The notes are expected to be issued on Jun 30, 2026, and to mature on Jun 30, 2031. 

Net proceeds from the issue will be used to fund or refinance new and existing green projects undertaken by the group and its subsidiaries, Ho Bee Land said in a bourse filing on Tuesday (Jun 23).

This may include repaying bank borrowings, including loans from the joint lead managers, which will receive part of the proceeds from the note issue. 

Under the terms of the notes, a change of shareholding event will occur if Ho Bee Land founder Dr Chua Thian Poh and his immediate family members cease to own at least 51 per cent of the group’s share capital, whether directly or indirectly. 

Should that happen, holders of the Series 002 Notes can require Ho Bee Land to redeem their notes, subject to terms and conditions. 

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Share of Ho Bee Land closed at S$2.07 on Tuesday, up nearly 1 per cent or S$0.02, prior to the announcement. 

*Amendment note: This article has been amended to reflect the correct tenure of the green notes.