Tuan Sing upsizes bond offering by 25% to S$150 million

SINGAPORE (BUSINESS TIMES) - Tuan Sing Holdings has raised the size of a bond offering to S$150 million from S$120 million to accommodate demand from investors, the property developer said on Friday before the market opened.

Tuan Sing is offering three-year senior unsecured notes at par at a 6 per cent coupon under its S$900 million multicurrency medium-term note programme, the Business Times has reported.

The yield represents a spread of 446 basis points over three-year swap offer rates.

Proceeds will be used for property development and investment, and for general corporate purposes.

DBS Bank and United Overseas Bank are lead managers and bookrunners of the deal.