By Mary-Katherine Stinson
Lexington, Ky., Oct. 24 – Singapore’s Tuan Sing Holdings Ltd. priced S$150 million of 7˝% notes due Nov. 2, 2027 on Monday, according to a notice.
The series 005 notes will be issued at par in denominations of S$250,000 each.
Tuan Sing may redeem the notes in full on any date after Nov. 2, 2026 at 102 plus interest.
In the case of a change of shareholding event, defined as when Michelle Liem Mei Fung, William Nursalim and Tan Enk Ee and their immediate family members cease to own a total of at least 40% of the issued share capital of Tuan Sing, the issuer will redeem the notes at the noteholder’s option at the redemption amount together with accrued interest.
DBS Bank Ltd., Deutsche Bank AG, Singapore Branch and United Overseas Bank Ltd. are the joint lead managers.
Proceeds will be used to finance the purchase price of tendered notes in the company’s capped tender offer for its S$141.75 million outstanding 6.9% series 004 notes due Oct. 18, 2024 (ISIN: SGXF30090785), for property development and investment, for repayment or refinancing of debt, as well as for general corporate purposes, including financing acquisitions, investments or asset enhancement works, on-lending to related corporations in, or associated companies of, the group, and general working capital requirements.
The notes will be issued under the S$900 million multicurrency medium-term note program established by the issuer on Feb. 18, 2013.
Tuan Sing is a Singapore-based investment holding company with interests mainly in property development, property investment and hotel ownership.
| Issuer: | Tuan Sing Holdings Ltd.
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| Amount: | S$150 million
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| Issue: | Notes, series 005
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| Maturity: | Nov. 2, 2027
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| Joint lead managers: | DBS Bank Ltd., Deutsche Bank AG, Singapore Branch and United Overseas Bank Ltd.
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| Coupon: | 7˝%
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| Price: | Par
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| Yield: | 7˝%
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| Call features: | After Nov. 2, 2026 at 102
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| Puts: | On a change of shareholding event
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| Pricing date: | Oct. 23
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| Settlement date: | Nov. 2
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