Fragrance Group to buy back up to $30m of its $100m notes

It will repurchase the notes at the daily prevailing market price quoted for the notes.

Property developer Fragrance Group announced its intent to repurchase up to $30m in aggregate principal amount from the holders of its $100m 4.75% notes due November 21 that were issued under its $1b multicurrency debt issuance programme, a filing with the Singapore Exchange (SGX) revealed.

The firm will repurchase the notes at the daily prevailing market price quoted for the notes, together with applicable accrued interest, subject to a cap of 97% of the principal amount of the note.

In the event that the amount of notes made available by the noteholders for repurchase by the company exceeds the cap, Fragrance Group will cease the repurchase earlier once the repurchase reaches the cap.

“The prevailing market price of the notes has been in the region of 96% of the principal amount of the notes in recent times,” the group’s executive director and deputy CEO Periakaruppan Aravindan said. For the avoidance of doubt, the proposed repurchase will not affect in any way the terms and conditions of the notes, he added.

The proposed repurchase will commence on 21 June and end on 5 July.