Wing Tai Holdings proposes to buy back up to S$85m of notes

Published Tue, Sep 8, 2020 · 12:51 PM

WING Tai Holdings is proposing to repurchase up to S$85 million worth of notes originally issued under its S$1 billion medium-term note programme.

The property developer said on Tuesday that it wants to buy back up to S$30 million in aggregate principal amount of its 4 per cent notes due 2021, S$25 million of its 4.5 per cent notes due 2022; S$15 million of its 4.25 per cent notes due 2023, and S$15 million of its 4.7 per cent notes due 2024.

Wing Tai will repurchase the notes at prices ranging from 102.55 to 106 per cent of the principal amount, depending on the series. The 4 per cent notes will be repurchased at 102.55 per cent, the 4.5 and 4.25 per cent notes at 103.85 per cent; and the 4.7 per cent notes at 106 per cent.

The proposed repurchase exercise will start on Sept 9 and end on Sept 18, with DBS acting as the buy-back agent.

Notes purchased under the exercise may either be cancelled or held until their maturity date, in accordance with the respective terms and conditions of the notes. The exercise will not affect the terms and conditions of the notes in any way.

Wing Tai shares closed at S$1.79 on Tuesday, up four Singapore cents or 2.29 per cent.