By Mary-Katherine Stinson
Lexington, Ky., March 22 – Oxley MTN Pte. Ltd. priced S$26 million of 7¼% notes due 2025 in a concurrent add-on offering related to its recent exchange offer, according to a notice.
The new notes priced at par with a coupon of 7¼% and mature on July 28, 2025. Oxley Holdings Ltd. is the guarantor of the new notes, which were issued under the company’s $1 billion guaranteed euro medium-term note program.
The notes are putable upon a change of control or if the shares cease to trade on the Singapore Exchange.
DBS Bank Ltd. and Deutsche Bank AG, Singapore Branch are the bookrunners.
Proceeds will be used for general corporate purposes, including the refinancing of borrowings and working capital and capital expenditure requirements of the group and the group’s joint venture entities and associated entities.
As previously reported, the issuer just concluded an offer to exchange any and all of its outstanding S$195 million of 6.9% notes due July 8, 2024 (ISIN: SGXF85882482) for a like principal amount of Singapore dollar-denominated fixed-rate notes due 2025.
The additional new notes are fungible and consolidate into the same series as the new notes to be issued under the exchange offer. 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 total principal amount of the series 006 notes is S$88 million, made up of S$62 million in total principal of new notes to be issued in the exchange offer plus S$26 million in total principal of additional new notes.
Oxley is a property developer based in Singapore.
| Issuer: | Oxley MTN Pte. Ltd.
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| Guarantor: | Oxley Holdings Ltd.
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| Amount: | S$26 million
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| Issue: | Notes, series 006
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| Maturity: | July 28, 2025
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| Bookrunners: | DBS Bank Ltd. and Deutsche Bank AG, Singapore Branch
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| Coupon: | 7¼%
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| Price: | Par
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| Yield: | 7¼%
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| Change of control: | Yes
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| Puts: | Yes
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| Pricing date: | March 22
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| Settlement date: | March 28
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| Distribution: | Regulation S
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| Total issue size: | S$88 million with S$62 million of notes from exchange offer
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