Thomson Medical to issue S$175m worth of five-year senior notes

THOMSON Medical Group will issue new S$175 million senior notes at par, under its S$500 million multicurrency debt issuance programme.

This is the group's second offering under the programme.

The five-year notes will carry a coupon of 4.05 per cent per annum. They are expected to be issued on Jan 28 and listed on the Singapore Exchange on Jan 29.

The notes will have security over an interest service reserve account in which the company will maintain an amount equivalent to one interest payment on the notes at all times.

The bond offering was 2.4 times oversubscribed, said Thomson Medical Group. The company intends to use the net proceeds to refinance existing debts and extend its debt maturity profile.

DBS Bank Ltd, Maybank Kim Eng Securities and Standard Chartered Bank (Singapore) Limited are the joint lead managers and bookrunners for the offering.

Thomson Medical Group shares closed at 6.2 Singapore cents on Monday, up 0.1 cent or 1.64 per cent.