SINGAPORE - Thomson Medical Group has priced its $225 million senior notes due 2022 at 4.8 per cent, to be issued at par, the mainboard-listed healthcare provider said late on Thursday night.
This is its maiden bond offering and is part of the group's $500 million multicurrency debt issuance programme established on June 28, 2018.
Thomson Medical said the notes are its first step in building a long-term platform to tap the debt capital markets and diversify its sources of funding.
The three-year unsubordinated notes are expected to be issued on July 18, 2019, and listed on the Singapore Exchange on the market day after the issuance. They will be available in denominations of $250,000.
There will be an interest-service reserve account, in which Thomson Medical will maintain an amount equivalent to one interest payment on these notes at all times. The notes will be secured by a charge over this account.
The Series 001 notes were two times oversubscribed, garnering a "robust reception", the company said in a filing.
Net proceeds from this offering will be used to refinance Thomson Medical's existing loan facilities and extend its debt maturity profile.
The joint bookrunners and joint lead managers for these notes are DBS Bank, Credit Suisse and Maybank Kim Eng Securities.
Shares of Thomson Medical closed at 6.6 cents on Thursday, up 1.54 per cent or 0.1 cent.
The company owns and operates the Thomson Medical Centre and a network of specialist medical clinics and facilities in Singapore for women and children. It operates in Malaysia under TMC Life Sciences Berhad, which is listed on Bursa Malaysia.