Singapore’s Oxley accepts S$44 million of 2023 notes for exchange

By Marisa Wong

Los Angeles, Feb. 17 – Oxley MTN Pte. Ltd. announced the results of its Feb. 6 offer to exchange any and all of its outstanding S$75 million 6˝% notes due Feb. 28, 2023 (ISIN: SGXF29896317) for a like amount of new 7˝% notes due 2023. Oxley Holdings Ltd. is the guarantor for both the existing notes and the new notes.

As of the expiration of the offer at 11 p.m. ET on Feb. 16, holders had tendered S$44 million of the existing notes for exchange. All of the tendered notes have been accepted for exchange and will settle on Feb. 24.

Oxley is offering an exchange consideration of S$250,000 of new notes for each S$250,000 of old notes, plus accrued interest.

The new notes are expected to mature on Aug. 24, 2023.

As previously reported, Oxley plans to issue additional new notes that will be fungible with the new notes issued under the exchange offer.

The issuer is conducting the exchange offer after receiving interest from existing noteholders who wanted to extend their bond investment past the upcoming redemption date and remain invested in the group.

Credit Suisse (Singapore) Ltd. and DBS Bank Ltd. are dealer managers for the invitation.

Tricor Singapore Pte. Ltd. (+65 6236 3550/3555; is.corporateactions@sg.tricorglobal.com) is the exchange agent.

Oxley is a property developer based in Singapore.

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