Beng Kuang Marine has redeemed its $3.5 million bond due Nov 5.
The bonds were previously issued by the group on Nov 5, 2021.
According to an Oct 21 bourse filing, the group has also proposed to issue up to $3.5 million bonds due 2027.
The bonds are expected to be issued at subscription price of 100% of the principal amount of the 2027 bonds and will carry an interest rate of 9% per annum, which will be payable semi-annually in arrears.
Additionally, the 2027 bonds are set to be issued in denominations of $250,000 or integral multiples thereof.
Proceeds from the 2027 bonds are expected to go towards refinancing the existing bonds.
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Shares in Beng Kuang Marine BEZ closed flat at 25 cents on Oct 21.
