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Singapore’s Oxley offers to exchange 2023 notes for new 2023 notes
By Marisa Wong
Los Angeles, Feb. 6 – Oxley MTN Pte. Ltd. has begun an offer to exchange any and all of its outstanding S$75 million 6˝% notes due Feb. 28, 2023 (ISIN: SGXF29896317) for a like amount of new 7˝% notes due 2023.
Oxley Holdings Ltd. is the guarantor for both the existing notes and the new notes.
Oxley is offering an exchange consideration of S$250,000 of new notes for each S$250,000 of old notes, plus accrued interest.
The new notes are expected to mature on Aug. 24, 2023.
The offer expires at 11 p.m. ET on Feb. 16.
The new notes are expected to price on Feb. 20 and be issued on Feb. 24.
Oxley plans to issue additional new notes that will be fungible with the new notes issued under the exchange offer.
The issuer is conducting the exchange offer after receiving interest from existing noteholders who wanted to extend their bond investment past the upcoming redemption date and remain invested in the group.
Credit Suisse (Singapore) Ltd. and DBS Bank Ltd. are dealer managers for the invitation.
Tricor Singapore Pte. Ltd. (+65 6236 3550/3555; is.corporateactions@sg.tricorglobal.com) is the exchange agent.
Oxley is a property developer based in Singapore.
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