By Susanna Moon
Chicago, April 12 – Aspial Corp. Ltd. said it priced S$24 million of 5.9% notes due 2021 to be issued by Aspial Treasury Pte. Ltd.
The notes will be issued on April 19 at par of S$250,000 each and will be unconditionally and irrevocably guaranteed by the company, according to an announcement.
DBS Bank Ltd. is the lead manager and bookrunner for the add-on issue, which will be fungible and consolidated into the new notes to be issued under the exchange offer for an aggregate principal amount of S$50 million.
As announced March 26, Aspial is offering to exchange any and all of its S$100 million of 5˝% notes due Nov. 27, 2018 for a like principal amount of 5.9% notes due 2021 to be issued by Aspial Treasury Pte. Ltd.
As an incentive for noteholders to participate in the exchange, the company is offering a cash premium of 0.5% to holders who tendered their notes for exchange by the early deadline of 5 a.m. ET on April 9 or of 0.25% to holders who tender after the early deadline.
The offer ends at midnight ET on April 13.
Accrued interest will also be paid in cash.
In addition to the exchange notes, the company expects new money notes identical to the exchange notes may also be offered.
DBS Bank Ltd. is the dealer manager for the exchange offer and the new notes.
Aspial is a Singapore-based jeweler.
New Issue
| Issuer: | Aspial Treasury Pte. Ltd.
|
| Guarantor: | Aspial Corp. Ltd.
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| Issue: | Notes
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| Amount: | S$24 million
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| Maturity: | April 19, 2021
|
| Manager: | DBS Bank Ltd.
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| Coupon: | 5.9%
|
| Price: | Par
|
| Yield: | 5.9%
|
| Pricing date: | April 12
|
| Settlement date: | April 19
|
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