Fragrance Group buys back some notes due 2021

FRAGRANCE Group has repurchased S$500,000 in notes due April 2021, which represent 0.4 per cent of the aggregate principal amount of the outstanding notes.

Some S$120.25 million of the notes, which have a coupon rate of 6.125 per cent, were outstanding following previous repurchases.

In a filing to the Singapore Exchange on Friday, it said that the repurchased notes were acquired through an on-market purchase for an aggregate purchase price of 0.98625 or about S$503,277, inclusive of accumulated interest of some S$10,152. A separate announcement will be made by the company if the repurchased notes are cancelled.

Fragrance said: "The company is of the view that the repurchase of the relevant notes will reduce the group's interest expense."

Earlier this week, it announced two other repurchases of the issued notes - those were for S$250,000 and S$500,000 respectively. S$125 million in notes had been issued to begin with.

The counter closed at 11.5 Singapore cents on Friday, unchanged.

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