SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Singapore-based real estate developer Oxley Holdings has launched a tender offer on its existing SGD 5.7% bonds due 2022 “to reduce the amount of the guarantor’s outstanding consolidated short-term indebtedness and enhance the guarantor’s outstanding consolidated indebtedness structure”, the company said in an exchange filing this morning. Oxley is also planning to issue a tap of its existing S$70mn 6.9% bonds due 2024 that were issued in July this year. Oxley is offering to repurchase the older 2022s at par, together with accrued and unpaid interest, for an amount no greater than that raised via the tap of its 2024s. The tap is launched at par and priority will be given to existing Oxley bondholders, particularly the ones that tender their 2022s. Proceeds from the tap will be used to fund the cash tender offer and for general corporate purposes. The deadline for the tender offer is September 22 at 12pm and the new tap is expected to be priced on or around September 23. This comes just over a week after Oxley swung back into profit for the financial year ended June 30 at SGD 49.5mn ($37mn) vs. a loss of S$275.1mn ($203mn) last year.
Oxley’s SGD 5.7% 2022s and 6.9% 2024s are trading steady at 100.31 and 100.58 respectively.
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