Following its supplemental information memorandum issued on Sept 27 in respect of the proposed Series 003 notes due 2026, Koh Brothers Group, on Oct 12, announced that it has received reverse enquiry interest from its investors in relation to the issue of additional notes.
On the same day, the group announced that it has launched and priced an additional $10.5 million worth of notes due 2026.
The notes will be issued at an issue price of 100% of their principal amount and in denominations of $250,000 each. The notes will bear interest at a fixed rate of 6.50% per annum (p.a.) payable semi-annually in arrear on April 18 and Oct 18 each year.
The notes will be issued by Koh Brothers Group under its $250 million multicurrency medium term note programme.
The additional notes will be fungible and will be consolidated into the same tranche and series as the new notes to be issued pursuant to the invitation.
The invitation was sent to Koh Brothers Group’s noteholders to make an offer to exchange their outstanding existing notes for new notes on Sept 27.
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The existing notes are due to mature on Oct 27.
The final aggregate principal amount of the Series 003 Notes to be issued will be $22.75 million. The total amount includes $12.25 million in aggregate principal amount of new notes to be issued in exchange for the final accepted offered notes plus the $10.5 million in aggregate principal amount of additional notes to be issued.
The Series 003 Notes are expected to be issued on Oct 18 and will mature on April 17, 2026.
CIMB Bank Berhad, Singapore Branch has been appointed as the sole lead manager and bookrunner in relation to the additional notes.
Shares in Koh Brothers Group closed 0.3 cent lower or 1.97% down at 14.9 cents on Oct 12.
