The invitation to convert noteholders’ notes to cash will allow the group to actively manage its debt capital structure by improving and extending its debt maturity profile and optimising financing costs. It will also provide existing noteholders with an opportunity to remain invested in the group, says Tuan Sing.
The group is also looking to issue new Singapore dollar-denominated fixed-rate notes (Series 005) under the same programme. Priority will be given to Tuan Sing’s existing noteholders who wish to take part in the conversion of notes to cash and the buying of new notes.
DBS Bank, Deutsche Bank AG Singapore and United Overseas Bank (UOB) are the dealer managers of the invitation. Tricor Barbinder Share Registration Services is the tender agent.
DBS Bank, Deutsche Bank AG Singapore and UOB are also the joint lead managers for the issuance of new notes.
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The offer for existing noteholders to sell their notes will end at 10am on Oct 31.
As at 10.48am, shares in Tuan Sing are trading 0.5 cents lower or 1.75% down at 28 cents.
