Tuan Sing to issue S$65m 7.75% 2-year notes

PROPERTY developer Tuan Sing Holdings has priced its S$65 million two-year, non-call 1 notes at 7.75 per cent.

The notes are expected to be issued at par on May 19, 2020 and will mature on May 19, 2022.

Net proceeds arising from the issue will be used to finance the group's property development and investment, refinancing of indebtedness, as well as for general corporate purposes, including financing acquisitions, investments and/or asset enhancement works, and general working capital requirements of the group and/or its subsidiaries, Tuan Sing said on Wednesday.

Credit Suisse (Singapore) and United Overseas Bank have been appointed as the joint lead managers and joint bookrunners for the deal.

The notes will be issued under the group's S$900 million multicurrency medium term note programme in support of its growth plans, the company noted.

William Liem, chief executive officer of Tuan Sing, said: "We are pleased to secure strong anchor support for this bond issue despite the challenging environment due to the ongoing Covid-19 pandemic...

"Moving ahead, we believe we can capture the pockets of opportunities that may arise and also look forward to embarking and executing on our large-scale transformational projects in the pipeline such as Opus Bay and Kura Kura Bali."

Tuan Sing shares closed at 23.5 Singapore cents on Tuesday, down 1.5 cents or 6 per cent.