By Marisa Wong
Los Angeles, Oct. 15 – Tuan Sing Holdings Ltd. announced it will issue S$200 million of three-year notes at par to yield 2.8% through wholly subsidiary Superluck Properties Pte. Ltd.
The notes will be guaranteed by Tuan Sing.
The series 001 notes will be issued under the company’s S$500 million multicurrency medium-term note program newly established on Oct. 13.
DBS Bank Ltd. and United Overseas Bank Ltd. are the joint lead managers and joint bookrunners.
Proceeds will be used for refinancing borrowings and financing the acquisition, development or renovation of properties.
The company said that the notes will be subject to mandatory redemption on the sale of Superluck’s property at 18 Robinson Road at a make-whole price based on the Singapore swap offer rate plus 50 basis points.
The company also announced that it has redeemed in full all of its existing S$80 million 4˝% notes due 2019 issued under its previous S$900 million multicurrency MTN program launched in 2013.
Tuan Sing is a Singapore-based investment holding company with interests mainly in property development, property investment and hotel ownership.
| Issuer: | Superluck Properties Pte. Ltd.
|
| Guarantor: | Tuan Sing Holdings Ltd.
|
| Issue: | Notes, series 001
|
| Amount: | S$200 million
|
| Maturity: | Oct. 18, 2022
|
| Bookrunners: | DBS Bank Ltd. and United Overseas Bank Ltd.
|
| Coupon: | 2.8%
|
| Price: | Par
|
| Yield: | 2.8%
|
| Pricing date: | Oct. 13
|
| Settlement date: | Oct. 18
|
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