Singapore eDevelopment to issue perp bonds of up to $300 mil with 8% annual coupon

SINGAPORE (Sep 25): Singapore eDevelopment (SeD) is planning to issue listed and secured perpetual bonds of up to $300 million with an 8% annual coupon and a share of annual profits of property development projects to be funded, as well as a 100-to-one consolidation of its shares, to accelerate its strategy for corporate recovery.

SeD, the construction and international property development, and Information Technology company, intends to issue the perpetual bonds in denominations of $100 each which will entitle the bond holder to receive annual distribution of 8% – payable twice a year in arrears – and be conferred the right to receive a pro-rated 30% of earnings generated from the deployment of the bonds into property development projects in US, Australia, China and Singapore.

The perpetual bonds will be secured with the property development projects funded by proceeds raised from the issuance of these bonds.

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