Lum Chang issues S$40m of 5.8% fixed rate notes

LUM Chang Holdings has issued S$40 million of notes at a fixed rate of 5.8 per cent.

The notes will mature on Sept 27, 2021 and are being issued under the S$300 million multi-currency medium-term note programme.

The notes comprise S$27,250,000 of new notes issued when the group invited holders of its outstanding S$50 million 5.5 per cent notes due 2019 to exchange their existing notes; as well S$12,750,000 in aggregate principal amount of additional notes.

The net proceeds from the issue of additional notes will be used for general corporate purposes, including refinancing of existing borrowings, financing investments and financing of working capital and capital expenditure requirements, said Lum Chang in an Exchange filing.

CIMB Bank was the sole lead manager for the issue of additional notes.

The notes are expected to be listed on the Singapore Exchange on Sept 28, 2018.