Maxi-Cash Financial Services said Tuesday it plans to issue an additional S$23.5 million of 6.35 percent notes due 2022 after receiving interest from its investors, including certain directors and/or controlling shareholders.
That would bring the total amount of the new notes to S$50 million, the pawn-shop operator said in a filing to SGX.
Certain directors and/or controlling shareholders and/or their associates were allocated around 51 percent of the additional notes, Maxi-Cash said.
The issuance follows Maxi-Cash’s offer to exchange its existing S$70 million 5.50 percent notes due 2020 for 6.35 percent notes due 2022, which received acceptances of S$26.5 million, Maxi-Cash said last week.
On Tuesday, Maxi-Cash said the notes, which are series 002 under its S$300 million multicurrency medium term note program, were expected to be issued on or around 22 July.
DBS Bank was appointed the sole lead manager and bookrunner for the additional notes, Maxi-Cash said.
In addition, Maxi-Cash said it would increase the maximum acceptance amount of its offer to buy back up to S$5 million of its S$70 million 5.50 percent notes due 2020 to S$14 million, matching the level of notes tendered in the offer.
The net proceeds of the additional notes will be used to pay for the tendered 2020 notes, Maxi-Cash said.
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