Property developer Oxley Holdings has announced an offer of up to $125 million in aggregate principal amount of four-year 5% bonds due 2019.
In a pre-market filing on Monday morning, Oxley says the bonds will be issued by its wholly-owned subsidiary, Oxley MTN, and guaranteed by Oxley.
Oxley MTN will issue of up to $100 million in aggregate principal amount of bonds at the issue price of 100% to the public here via electronic applications.
The remaining $25 million in bonds will be made available to institutional and other investors.
DBS Bank is the sole lead manager and bookrunner for the offer.
In our story “Time to watch Oxley” in The Edge Singapore this week, founder Ching Chiat Kwong referred to the Royal Wharf development located on the River Thames in London as “the project that cost the most money”.
Spread across 30 blocks, Royal Wharf comprises 3,400 apartments and townhouses, about 15,000 sq m of office space and 5,000 sq m of retail and F&B space.
The 40-acre site alone cost Oxley some £200 million and total gross development value topped £1.5 billion ($3.15 billion).
And until the project neared completion, Oxley can expect little in the way of cash flow.
But with the development quickly takeing shape, Ching’s big bet is beginning to look like a smart move. Phase 1 will be completed in 2017 and Phase 2, in 2018.
Officials at Oxley said they expect a surge in cash flow over the next 15 months from Royal Wharf. That could allay investor concerns about its aggressive investments overseas.
It might also enable the company to tap the market for funding to continue its global expansion which is precisely what Oxley is doing now.
Oxley is up 3.5% at 44 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
In a pre-market filing on Monday morning, Oxley says the bonds will be issued by its wholly-owned subsidiary, Oxley MTN, and guaranteed by Oxley.
Oxley MTN will issue of up to $100 million in aggregate principal amount of bonds at the issue price of 100% to the public here via electronic applications.
The remaining $25 million in bonds will be made available to institutional and other investors.
DBS Bank is the sole lead manager and bookrunner for the offer.
In our story “Time to watch Oxley” in The Edge Singapore this week, founder Ching Chiat Kwong referred to the Royal Wharf development located on the River Thames in London as “the project that cost the most money”.
Spread across 30 blocks, Royal Wharf comprises 3,400 apartments and townhouses, about 15,000 sq m of office space and 5,000 sq m of retail and F&B space.
The 40-acre site alone cost Oxley some £200 million and total gross development value topped £1.5 billion ($3.15 billion).
And until the project neared completion, Oxley can expect little in the way of cash flow.
But with the development quickly takeing shape, Ching’s big bet is beginning to look like a smart move. Phase 1 will be completed in 2017 and Phase 2, in 2018.
Officials at Oxley said they expect a surge in cash flow over the next 15 months from Royal Wharf. That could allay investor concerns about its aggressive investments overseas.
It might also enable the company to tap the market for funding to continue its global expansion which is precisely what Oxley is doing now.
Oxley is up 3.5% at 44 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment