SINGAPORE - Mainboard-listed property developer Oxley Holdings said on Wednesday (Oct 28) that that its maiden offering of 4-year 5.00 per cent retail bonds to private banking, institutional and other investors has been oversubscribed with a subscription rate of approximately four times.

The placement of up to $25 million received valid applications of about $100 million within a day of the offer launch on Oct 27.

In view of the strong interest received, $50 million in bonds from the public offer of up to $100 million was reallocated to the placement such that $75 million and $50 million in bonds are being offered under the placement and the public offer, respectively.

Said Mr Ching Chiat Kwong, Oxley's executive chairman and CEO: "The strong interest received from investors is a strong indication of the investment merits of our 4-year 5.00 per cent bonds, and investor confidence in our business strategies and growth potential."

While applications for the bonds under the placement have closed, applications for bonds under the public offer remain open until 12 noon on Nov 3. In the event of oversubscription in the public offer, the issuer and the guarantor reserve the right to increase the issue size under the public offer, from the current $50 million to up to $225 million.

Should the total subscriptions exceed the total offer size of the public offer, subscriptions will be subject to balloting, which is expected to take place on Nov 4.