Oxley prices S$70M three-year notes at 6.9 percent

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Oxley Holdings has priced an offering of S$70 million in notes due 2024 at 6.9 percent, the property developer said in a filing to SGX Friday, confirming an earlier Shenton Wire article on the deal.

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

The notes, called the Series 4 notes, will be issued under Oxley’s US$1 billion Euro medium term note program, which the property developer said last month it would be updating.

The bonds are expected to be issued on 8 July.

Oxley said the proceeds are earmarked for general corporate purposes, including refinancing borrowings, working capital, and capital expenditure.

Credit Suisse (Singapore) and DBS Bank were the arrangers of the program and were appointed as joint bookrunners for the Series 4 notes.

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.