Aspial begins offer to swap three 2024, 2025 notes for new 2025 notes

By Marisa Wong

Los Angeles, Nov. 14 – Singapore’s Aspial Corp. Ltd. initiated an offer to exchange three series of existing notes issued by Aspial and Aspial Treasury Pte. Ltd. for new Singapore dollar-denominated 6˝% notes due 2025 to be issued by Aspial, according to a notice.

Aspial is inviting holders to exchange any and all of the following existing notes for a like principal amount of new notes:

• S$18.5 million outstanding fixed-rate series 007 notes due March 2025 (ISIN: SGXF39054444) issued by Aspial;

• S$32.75 million outstanding 6.15% series 008 notes due January 2024 (ISIN: SGXF20337501) issued by Aspial Treasury and guaranteed by Aspial; and

• S$11 million outstanding 6% series 009 notes due July 2024 (ISIN: SGXF22368025) issued by Aspial Treasury and guaranteed by Aspial.

As previously reported, the company conducted an exchange offer for the same three existing series in October. In that offer, the company invited holders to tender the existing notes for exchange into new Singapore dollar-denominated fixed-rate subordinated perpetual securities issued by Aspial.

Under the current offer, the existing notes would be exchanged for new 6˝% notes due Dec. 21, 2025 to be issued under the company’s S$700 million multicurrency debt issuance program.

In addition to the par exchange consideration, holders will receive accrued interest in cash.

The exchange offer began at 8 p.m. ET on Nov. 13 and will expire at 9 p.m. ET on Dec. 12.

The new notes are expected to be issued on Dec. 21.

Tricor Barbinder Share Registration Services (+65 6236 3550/3555; is.corporateactions@sg.tricorglobal.com) is the exchange agent.

Questions about the exchange offer should be directed to Aspial (+65 6840 7790; felix_lim@aspial.com).

Aspial is a Singapore-based company operating in jewelry retail, property development and financial services.

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