Oxley seeks up to $161.6 million private loan: Sources

Oxley Holdings, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million to US$120 million (S$134.7 million to S$161.6 million) partly to help repay a Singapore dollar bond due in July, said people familiar with the matter.

The tenor of the loan would be two years, the people added, asking not to be identified as the matter is private. The borrowing is set to be backed by Oxley’s two property projects in Kuala Lumpur and London, the people said. The deal is not final and terms may change, the people added.

The developer plans to use part of the proceeds to repay its Singapore dollar-denominated 6.9 per cent bond due July, the people added. The bond, which was issued in 2021, has $133 million of principal outstanding, according to Bloomberg-compiled data. 

Oxley did not immediately reply to a request for comment.

As at Dec 31, 2023, Oxley reported a total of $48.9 million in cash and cash equivalents and total current liabilities of $1.4 billion, according to a Singapore Exchange filing.

Singapore’s property sector, which has so far dodged the downturns seen in other major cities, has slowed due to weaker economic growth and multiple government interventions to cool the overheated market.  

Oxley has completed more than 40 projects in multiple countries, including Britain and Ireland, since its establishment in 2010, according to its latest annual report. Oxley’s shares were trading around 8.8 cents in recent weeks, and are near their lowest level since the company’s public offering in 2010.

Oxley recently appointed Ms Chin Mei Ling as its new chief financial officer, following the departure of Ms Leong Mei Kuan, according to a filing with the Singapore Exchange. BLOOMBERG