By Marisa Wong
Morgantown, W.Va., Nov. 4 – Oxley Holdings Ltd. said wholly owned subsidiary Oxley MTN Pte. Ltd. issued a total of S$300 million of 5% four-year bonds under its public offer and private placement.
At the close of the public offer on Tuesday, Oxley received applications for S$349,028,000 of the bonds, representing a subscription rate of about seven times the S$50 million of bonds offered. The company decided to allocate S$225 million of bonds to the public offer, according to a Wednesday press release.
The offer had an overall subscription rate of about 3.6 times the original offer size.
Oxley had originally planned to issue S$125 million of the bonds, of which S$100 million would be issued under the public offer and S$25 million would be issued to institutional, private banking and other investors.
However, applications for the placement tranche exceeded the S$25 million allotment, representing a subscription rate of about four times, according to a prior company notice.
As a result, the issuer reallocated S$50 million of bonds under the public offer to the placement tranche for an issue amount of S$75 million principal amount under the placement and S$50 million principal amount under the public offer.
At closing of the placement on Oct. 27, the issuer accepted applications for S$75 million principal amount of bonds at par under the placement tranche. The placement tranche closed ahead of the scheduled Nov. 3 close date.
At that time, the issuer also said it reserved the right to increase the issue size under the public offer to up to S$225 million.
DBS Bank Ltd. is the lead manager and bookrunner.
Proceeds will be used for general corporate purposes and for working capital and capital expenditure requirements.
The minimum investment was S$2,000 per application under the public offer and S$100,000 per application under the placement.
The bonds are expected to begin trading on the Singapore Exchange Securities Trading Ltd. on Nov. 6.
Oxley is a property developer based in Singapore.
| Issuer: | Oxley MTN Pte. Ltd.
|
| Guarantor: | Oxley Holdings Ltd.
|
| Issue: | Retail bonds
|
| Amount: | S$300 million, increased from S$125 million
|
| Maturity: | Four years
|
| Bookrunner | DBS Bank Ltd.
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Closing dates: | Oct. 27 for S$75 million, Nov. 3 for S$225 million
|
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