Zhongmin Baihui Retail to issue S$8 million bond to Dragon Elite

By Mary-Katherine Stinson

Lexington, Ky., March 30 – Zhongmin Baihui Retail Group Ltd. and subsidiaries have entered a bond subscription agreement on March 30 with Dragon Elite Inc. where the company agrees to issue a non-convertible bond due 2026 totaling S$8 million to Dragon, according to a notice.

The three-year bond will be issued at par with a coupon of 3.8% annually.

The company has an early redemption option at any time. In each case of such early redemption, the company will also pay to the bondholder an additional sum amounting to accrued interest on the relevant bond over three months at the rate of 3.8% annually.

The offer is conditional upon the company having offered the bond to at least 50 offerees within a 12-month period, receiving the necessary regulatory approvals and the certification that the company has experienced no material adverse change to its financial position.

Proceeds will be used to repay existing debt, for working capital use and for investment purposes.

Zhongmin Baihui Retail is a Singapore-based investment holding company.

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