By Wendy Van Sickle
Columbus, Ohio, May 10 – Oxley Holdings Ltd. said wholly owned subsidiary Oxley MTN Pte. Ltd. issued S$50 million principal amount of its 5.15% four-year retail bonds at par under the placement tranche.
The placement tranche closed on Tuesday, ahead of the scheduled May 15 close date.
Oxley had planned to issue up to S$150 million of the bonds, with S$125 million of notes in the public offer and up to S$25 million of notes in the placement tranche for institutional, private banking and other investors.
Applications for the placement tranche exceeded the S$25 million allotment, however.
As a result, the issuer reallocated S$25 million of bonds under the public offer to the placement tranche for an issue amount of S$50 million principal amount under the placement and S$100 million principal amount under the public offer.
At closing, the issuer accepted applications for S$50 million principal amount of bonds at par under the placement tranche.
The public offer for the notes remains open, the company noted.
If oversubscribed, the offering may be upsized to a total amount of S$300 million.
The offers had been set to run from 9 p.m. ET on May 9 through midnight ET on May 15.
DBS Bank Ltd. is the lead manager and bookrunner.
Proceeds will be used for general corporate purposes, including refinancing of borrowings, and working capital and capital expenditure requirements.
An application for bonds under the public offer is subject to a S$2,000 minimum principal amount.
The bonds are expected to begin trading on the Singapore Exchange Securities Trading Ltd. on May 18.
Oxley is a property developer based in Singapore.
| Issuer: | Oxley MTN Pte. Ltd.
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| Issue: | Retail bonds
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| Amount: | S$150 million (may be increased to up to S$300 million)
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| Maturity: | Four years
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| Bookrunner: | DBS Bank Ltd.
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| Coupon: | 5.15%
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| Price: | Par
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| Yield: | 5.15%
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| Announcement date: | May 9
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