Oxley issues third tranche of notes due 2024 at 6.9%

PROPERTY developer Oxley Holdings has issued S$50 million worth of notes with a fixed interest rate of 6.9 per cent that are due in July 2024.

These notes are its third tranche in a series, issued under a US$1 billion guaranteed euro medium term note programme, said the company in a bourse filing on Tuesday (Apr 5) evening.

This third tranche is to be consolidated to form a single series with the first and second tranche, both of which were issued last year, under the same programme.

The first comprises notes amounting to S$70 million, while the second one is worth S$85 million.

5UX : 5UX 0% said that certain controlling shareholders, as well as entities or individuals related to them, will be subscribing for about 40 per cent of this third tranche of notes.

This means they would be subscribing to about 34 per cent of the entire series of notes, thus giving them substantial holding.

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This third tranche is expected to be issued on Apr 12 this year and the net proceeds raised will be used for the company's general corporate purposes, including the refinancing of its borrowings and working capital, as well as its capital expenditure requirements.

Credit Suisse and DBS have been appointed as the arrangers for the programme, while both of these banks as well as HSBC Singapore have been appointed as joint bookrunners for the third tranche of notes.

Shares of Oxley Holdings closed higher by 2.75 per cent, or S$0.005, to S$0.187 on Wednesday.

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