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Tuan Sing sets issue price of S$120m notes

TUAN Sing Holdings has priced its S$120 million 6 per cent notes due 2020 which are expected to be issued on June 5.

In an announcement, Tuan Sing said that the notes will be issued at an issue price of 100 per cent of the principal amount and in denominations of S$250,000 each. They will bear interest at a fixed rate of 6 per cent per annum payable semi-annually in arrears.

DBS Bank and UOB have been appointed as joint lead managers and joint bookrunners for the issue.

The company said that the proceeds arising from the exercise will be used for property development and investment as well as for general corporate purposes, including refinancing of borrowings and working capital.

The notes will be issued under the company's S$900 million multicurrency medium-term note programme.

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