SINGAPORE - Construction and property developer Lum Chang announced on Thursday that $26.5 million of its outstanding S$50 million 5.5 per cent notes due 2019 had been offered for exchange for a "like principal amount" of Singapore dollar-denominated notes due 2021 that carry a higher coupon of 5.8 per cent as at Sept 19, 5pm.

The company said that the offered notes will be accepted for exchange on the terms and conditions set in the Exchange Offer Memorandum.

Lum Chang will exchange the existing notes for the exchange consideration, which comprises the sum of the principal amount of new notes equal to 100 per cent of the principal amount of offered notes accepted for exchange, plus an amount in cash equal to the relevant exchange premium, as well as an amount in cash equal to the interest in respect of the offered notes from March 28, 2018 to the settlement date.

The new notes will bear interest at a rate of 5.8 per cent per annum payable semi-annually in arrears.

The invitation is still ongoing and that further offers to exchange may be made by the holders of the existing notes up to 12 noon on Sept 21, which is the expiration deadline.

In an earlier announcement, the company had said that it will pay a one-time fee of 0.6 per cent of the principal amount of the relevant offered notes for valid offers submitted to the exchange by 5pm on Sept 19. Others that submit valid offers by noon on Sept 21, the expiration deadline, will be paid 0.3 per cent instead.