UPDATE: Oxley Holdings plans to issue 3-year notes priced around 6.9 percent: Client note

Singapore one dollar bill

This article was originally published on Wednesday, 30 June 2021 at 12:24 p.m. SGT. It has since been updated to include the pricing of a previous bond offering. 

Property developer Oxley Holdings plans to issue three-year senior unsubordinated and unsecured bonds with a price guidance of 6.90 percent, according to a client note seen by Shenton Wire Wednesday.

Oxley didn’t immediately respond to Shenton Wire’s emailed request for comment.

The client note didn’t provide an amount expected to be issued.

The proceeds of the offering will be used to refinance existing indebtedness, and for general corporate purposes and working capital, the client note said.

The settlement date is expected to be 8 July, with a maturity date of 8 July 2024, the client note said, adding the coupon dates will be semi-annually in January and July. The bonds will be denominated at S$250,000, the client note said.

Credit Suisse and DBS Bank were named as joint lead managers and bookrunners.

The bonds will be issued under Oxley’s US$1 billion Euro medium term note program, the client note said.

In February 2020, Oxley priced an offering of S$75 million notes due 2023 at 6.5 percent.

Earlier this week, Oxley said it was updating its US$1 billion Euro medium term note program.

Oxley’s developments are located across eight countries, including Cyprus, Ireland, the U.K., Cambodia, Singapore, Myanmar, Malaysia and China. While many of its projects have a residential component, some are in the office and hospitality sectors, which are industries hard hit by the pandemic.