Continue reading this on our app for a better experience

Open in App
Home News Company in the news

Oxley Holdings seeks up to US$120 mil private loan

Bloomberg
Bloomberg • 2 min read
Oxley Holdings seeks up to US$120 mil private loan
The developer plans to use part of the proceeds to repay its Singapore dollar-denominated 6.9% bond due July, according to people familiar with the matter. Photo: Bloomberg
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Oxley Holdings Ltd, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million ($135.1 million) to US$120 million partly to help repay a Singapore dollar bond due next month, said people familiar with the matter. 

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 isn’t 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% 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 didn’t immediately reply to a request for comment.

As of 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 S68 -

 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.  

See also: Yoma CEO Melvyn Pun regularly in contact with father Serge; company unaware of specific matters inquired

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

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

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.