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Tuan Sing's Superluck to issue senior secured 3-year 2.8% notes

SUPERLUCK Properties, a wholly-owned subsidiary of mainboard-listed property developer Tuan Sing Holdings, is looking to issue three-year, Singapore-dollar notes carrying a fixed coupon of 2.8 per cent.

The senior secured notes will be issued under Superluck’s newly established S$500 million multicurrency medium-term note programme, which was just announced on Sunday night.

They will be guaranteed by Tuan Sing, and secured by a mortgage over two properties owned by Superluck, according to a DBS term sheet released on Monday afternoon to potential investors. The properties are 18 Robinson Road and the strata units #11-01 and #11-02 of Far East Finance Building at 14 Robinson Road.

DBS Bank and United Overseas Bank are the joint lead managers and joint bookrunners.

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The principal amount of the notes has not been finalised, although they are to be issued in denominations of S$250,000. The interest will be payable semi-annually in arrears in April and October each year, starting from April 2020.

The bonds, as yet unrated, carry the highest product risk rating of “5” on a scale of 1 to 5, according to the term sheet.