Drew & Napier acted for mainboard-listed property developer Tuan Sing Holdings Limited and its wholly owned subsidiary Superluck Properties Pte Ltd in the establishment of a secured Multicurrency Medium Term Note Programme and subsequent notes issuance
23 Oct 2019
Drew & Napier acted for mainboard-listed property developer Tuan Sing Holdings Limited (Tuan Sing) and its wholly owned subsidiary Superluck Properties Pte Ltd (Superluck) in relation to the establishment of a S$500,000,000 Secured Multicurrency Medium Term Note Programme (MTN Programme) by Superluck. This is the group’s second MTN programme, after Tuan Sing Holdings Limited’s existing S$900,000,000 multicurrency programme which was established in 2013.
The firm also acted for Tuan Sing and Superluck in relation to the issuance of S$200,000,000 senior secured notes due 2022 (Series 001 Notes) under newly established MTN Programme. The Singapore-dollar Series 001 Notes were issued on 18 October 2019 and carry a fixed coupon of 2.80 per cent. The Series 001 Notes are expected to mature on 18 October 2022.
Notes issued under the MTN Programme are guaranteed by Tuan Sing Holdings Limited and secured by, among others, a mortgage over a 28-storey commercial building located at 18 Robinson Road and two strata units at Far East Finance Building.
Tuan Sing and Superluck were advised by Directors Renu Menon and Lau Sok Hiang, Senior Associates Michael Kwan and Benjamin Ng, and Trainee Anita Gill.