By Susanna Moon
Chicago, Oct. 28 – Oxley Holdings Ltd. said wholly owned subsidiary Oxley MTN Pte. Ltd. issued S$75 million principal amount of its 5% four-year retail bonds at par under the placement tranche.
The placement tranche closed on Tuesday, ahead of the scheduled Nov. 3 close date.
Oxley had planned to issue up to S$125 million of the bonds, with S$100 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, representing a subscription rate of about four times, according to a 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, the issuer accepted applications for S$75 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, according to a previous notice.
The issuer said it reserves the right to increase the issue size under the public offer to up to S$225 million.
The offers had been set to run from Oct. 27 to Nov. 3.
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 will be 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.
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| Guarantor: | Oxley Holdings Ltd.
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| Issue: | Retail bonds
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| Amount: | S$125 million
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| Maturity: | Four years
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| Coupon: | 5%
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| Bookrunner | DBS Bank Ltd.
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| Announcement date: | Oct. 26
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