Singapore's Overseas Union to redeem S$300 million bonds on Aug. 23

By Marisa Wong

Madison, Wis., July 10 - Overseas Union Enterprise Ltd. gave notice that it intends to redeem its outstanding S$300 million secured fixed-rate bonds due Sept. 27, 2013 on Aug. 23.

The bonds will be redeemed at par plus accrued interest to the redemption date.

The Singapore company said it is redeeming the bonds ahead of their maturity, because it will have sufficient funds from a property sale. On Wednesday the company entered into a sale and purchase agreement to transfer two of its properties into a real estate investment trust.

Overseas Union specializes in hospitality services, property investment and investment holding.

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