Tuan Sing prices S$200M notes due 2024 amid solid demand

Singapore 50 dollar bill

Tuan Sing Holdings priced S$200 million in notes due 2024 at 6.9 percent amid solid demand despite uncertain market conditions amid the ongoing Covid-19 pandemic, the real estate company said in a filing to SGX Tuesday.

The orderbook size approached S$300 million, one of the largest for mid-cap companies in recent months, with the decision made to cap issuance at S$200 million, Tuan Sing said.

“We are grateful and delighted with investors’ response to our bond offering. I believe it shows that choppy market conditions notwithstanding, investors are very receptive to offerings from reputable companies with good track record and growth story, like Tuan Sing,” William Liem, CEO of Tuan Sing, said in the statement.

The net proceeds will be used for refinancing of indebtedness, to fund future property development and investment, and general working capital, Tuan Sing said.

The joint lead managers and bookrunners of the offering are Credit Suisse (Singapore), DBS Bank and UOB, the filing said.

The notes are expected  to be issued on 18 October, the filing said.

The notes will be issued under Tuan Sing’s S$900 million multicurrency medium-term note program, the filing said.