Estate maintenance firm ISOTeam has launched and issued a new $20 million multicurrency multi-tranche unsecured commercial paper facility programme entirely in digital securities to be listed on the Singapore-based digital asset exchange platform, SDAX.
Under the SDAX multicurrency commercial paper (CP) programme, ISOTeam will determine whether CPs are to be offered for subscription to accredited investors and institutional investors, or to retail investors only.
With this, the company has also launched its inaugural issue under the SDAX multicurrency CP programme on the SDAX exchange that is offered for subscription only to accredited investors and institutional investors at an interest rate of 4.90% per annum (p.a.), which will mature around three months from the date of issuance.
ISOTeam expects to raise between $3 million and $5 million from accredited investors and institutional investors under the three-month series 001 SDAX issuance, which will be determined by the company after taking into account demand from investors.
Net proceeds raised from the SDAX multicurrency CP programme will go towards general working capital purpose for the company.
Further announcements will be released in line with material developments in respect of the SDAX multicurrency CP programme and the three-month series 001 SDAX issuance.
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As at 3.01 pm, shares in ISOTeam are trading 0.1 cent higher or 1.33% up at 7.6 cents per share.
