Singapore’s Oxley offers to exchange 2024 notes for new 2025 notes

By Marisa Wong

Los Angeles, March 11 – Oxley MTN Pte. Ltd. is inviting holders of its outstanding S$195 million 6.9% notes due July 8, 2024 (ISIN: SGXF85882482) guaranteed by Oxley Holdings Ltd. to tender their notes for exchange.

Oxley is offering to exchange any and all of the outstanding existing notes for a like principal amount of Singapore dollar-denominated fixed-rate notes due 2025, according to a company announcement on Monday.

The exchange consideration per S$250,000 principal amount of existing notes will comprise S$250,000 principal amount of new notes plus accrued interest.

The new notes, to be issued at par, will carry a coupon of 7¼% and mature on July 28, 2025. Oxley Holdings will also be the guarantor of the new notes.

The company launched the exchange offer after receiving interest from major noteholders, including controlling shareholders of the company, who wish to extend their bond investment and remain invested in the group.

The offer will expire at 11 p.m. ET on March 20.

The issuer expects to announce on or about March 22 (Singapore time) the aggregate amount of additional new notes (if any) to be issued as part of a concurrent add-on offering.

Settlement is slated for March 28.

DBS Bank Ltd. and Deutsche Bank AG, Singapore Branch are dealer managers for the exchange offer.

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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