Tuan Sing Holdings prices $150m notes at 7.50%

The notes are due in 2027.

Tuan Sing Holdings has priced its $150m worth of notes due 2027 at a fixed rate of 7.50% per annum.

The notes issues are under the $900,000,000 multicurrency medium-term note programme established by the board of directors of Tuan Sing on 18 February 2013.

Tuan Sing expects to issue the notes on 2 November 2023 and mature on 2 November 2027.

The notes will be issued in denominations of $250,000 each, with interest payable semi-annually in arrears.

Tuan Sing may redeem all, and not some only, of the new notes on any date after 2 November 2026 at 102% of the principal amount of the new notes, together with interest accrued to, but excluding, the date fixed for redemption.

In a bourse filing, Tuan Sing said it will use the net proceeds from the issue of the new notes to finance the aggregate purchase price for the 6.90% existing notes due 2024 validly tendered and accepted for purchase by the board, amongst others.

It will also use the proceeds for property development and investment, repayment and/or refinancing of indebtedness.

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