Singapore's Overseas Union scraps S$200 million sale of convertibles

By Susanna Moon

Chicago, June 15 - Overseas Union Enterprise Ltd. said it canceled plans to issue up to S$200 million principal amount of convertible notes due 2015 "in light of the current market conditions."

The company said it will keep its financing options open, including the issue of convertible notes.

Credit Suisse (Singapore) Ltd., Morgan Stanley Asia (Singapore) Pte. and Standard Chartered Bank were to be the joint lead managers and bookrunners, according to a separate press release.

Overseas Union Enterprise is a Singapore-based company. The principal activities of the company are those of hospitality services, property investment and investment holding.

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