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Singapore-listed property developer Oxley Holdings announced that its recent retail bond offering worth S$150 million had been fully subscribed.
Initially, the company planned to issue S$25 million worth of securities via a placement to private banks, institutional investors and other accredited bondholders, while S$125 million would go to public investors.
However, due to strong demand from private accredited investors, the amount allotted to them was subsequently raised to S$70 million. Although the amount offered to public investors was reduced to S$80 million, it was still oversubscribed as demand reached S$89.205 million during the close of the transaction on 16 May.
The net proceeds from the issuance will be used as working capital and for general corporate purposes, including the refinancing of borrowings, by Oxley Holdings, its associated entities and joint venture firms.
The retail bonds, which are payable in four years and comes with an interest rate of 5.15 percent, were issued yesterday and traded on the Singapore Exchange’s (SGX) main board today. These securities are guaranteed by Oxley and were issued by its wholly-owned subsidiary Oxley MTN.
DBS Bank is the sole lead manager and book runner for the deal.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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