The notes will be issued at an issue price of 100% of the principal amount of the new notes. They will be in denominations of $250,000 each.
Tuan Sing may redeem all of the new notes on any date after Oct 18, 2023, at 102% of the principal amount of the new notes together with interest accrued to the date fixed for redemption.
The proceeds of the notes will go to financing the total purchase price of the current notes, current debt, investments and, or asset enhancement works and general working capital requirements.
Should there be a change of shareholding event in which Michelle Liem, William Nursalim and Tan Enk Ee cease to own at least 40% of Tuan Sing’s shares, Tuan Sing will redeem the notes at their redemption amount.
Michelle Liem is Tuan Sing’s managing director Michelle Liem, while William Nursalim is its CEO. Tan Enk Ee is a substantial shareholder and Nursalim’s brother in law.
Shares in Tuan Sing closed 0.5 cent lower or 1.03% down at 48 cents on Oct 11.
