Wee Hur Holdings prices S$30 million notes due 2030 at 4.8%

[SINGAPORE] Property developer Wee Hur on Monday (Nov 24) launched and priced S$30 million worth of fixed-rate notes due in 2030 at 4.8 per cent.

Pursuant to Wee Hur’s S$500 million multi-currency medium-term note programme established on May 29, the notes are expected to be issued on Dec 1 and to list on the Singapore Exchange on Dec 2. 

They will be issued at an issue price of 100.1 per cent of their principal amount, in denominations of S$250,000 or multiples of that amount. The interest from the notes is payable semi-annually in arrear on May 4 and Nov 4 each year, starting from 2026.

The notes will form a series, Series 001, with an earlier tranche issued on Nov 4. 

The notes will mature on Nov 4, 2030, unless they have been redeemed or purchased earlier and cancelled.

Wee Hur said net proceeds from the issuance will be used for the group’s general corporate purposes. This includes refinancing its existing borrowings and financing investments, acquisitions, general working capital and capital expenditure.

The notes are offered outside of the US and in Singapore, to institutional investors and accredited investors.

DBS and UOB have been appointed as joint lead managers and book runners for the issuance. 

Of the earlier tranche of notes issued on Nov 4, about 15.3 per cent has been allocated to controlling shareholders and directors of Wee Hur, its chief executive Goh Wee Ping, and associates of these individuals, the group said. 

After the issuance of the new tranche, these noteholders will hold about 13.1 per cent of the Series 001 notes. 

Wee Hur said that as this is a “substantial portion of the aggregate principal amount” of the notes, these noteholders may be able to control the outcome of votes, which will be binding on all noteholders. The group added that this may also reduce liquidity of the notes in the secondary trading market. 

Shares of Wee Hur fell 2.1 per cent or S$0.015 to close at S$0.69 on Monday, before the news.