GSH proposes to repurchase up to S$20m of notes due 2020

Vivienne Tay

Published Tue, May 26, 2020 · 01:51 AM

GSH Corporation on Tuesday proposed to repurchase up to S$20 million of its S$70 million notes due 2020 in cash at par, together with applicable accrued interest.

The Series 002 notes carry a coupon of 5.15 per cent and fall under the property developer's S$800 million multicurrency medium-term note programme.

The proposed repurchase will start on Tuesday until June 8, with DBS Bank acting as the buyback agent.

The company said it is undertaking the repurchase as part of its capital-management strategy to prudently manage its interest cost.

GSH's directors who are noteholders have voluntarily undertaken to limit their own tender amount to around 28.5 per cent of each director's holdings in the notes - the proportion of the proposed repurchase against the total principal outstanding.

As at Tuesday, the company's directors together hold an aggregate principal amount of notes which translate to around 39 per cent of the total notes outstanding.