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

 

The tenor of the loan would be two years, the sources added, asking not to be identified as the matter is private. The borrowing is set to be backed by Oxley&rsquo s two property projects in Kuala Lumpur and London, the sources said. The deal is not final and terms may change, the sources added.

 

The developer plans to use part of the proceeds to repay its Singapore dollar-denominated 6.9 per cent bond due July, the sources added. The bond, which was issued in 2021, has S$133 million of principal outstanding, according to Bloomberg-compiled data.

 

Oxley did not immediately reply to a request for comment.

 

As at Dec 31 last year, Oxley reported a total of S$48.9 million in cash and cash equivalents and total current liabilities of S$1.4 billion, according to a Singapore Exchange filing.

 

Singapore&rsquo 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.

 

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&rsquo s shares were trading around 8.8 Singapore cents in recent weeks, and are near their lowest level since the company&rsquo 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. BLOOMBERG

Oxley Holdings 5UX 1.15% has announced the complete take-up rate of retail units at its Oxley Towers KLCC development on March 27.

 

A total floor area of 42,072 sqft, along with a food and beverage (F& B) space, have been fully taken up, marking a significant milestone for the project, says Oxley.

 

Oxley Towers KLCC is located next to KLCC and consists of two luxury hotels and residences, premium office spaces, as well as a two-storey retail podium. The retail spaces will be managed by Pavilion Group which are expected to boost the commercial activities around the vicinity. 

&ldquo We proudly announce that all retail units at Oxley Towers KLCC have been fully taken up,&rdquo said CEO Ching Chiat Kwong. &ldquo This achievement underscores the exceptional appeal and strategic positioning of our development.&rdquo

 

Last year, Alliance Bank Malaysia Berhad acquired Oxley Tower&rsquo s Grade A office tower and four adjoining parcels of retail units.

 

Both residential towers have achieved more than 60% take-up rate as of the latest update.

 

Oxley Holdings, through its wholly-owned subsidiary, Oxley MTN, is offering to exchange all of its outstanding $195 million Series 004 notes due in 2024 for the same amount of Singapore dollar (SGD)-denominated fixed rate notes due 2025.

 

The $195 million notes carry a coupon of 6.9% and are issued under the company&rsquo s US$1 billion ($1.33 billion) guaranteed Euro medium term note programme.

 

According to Oxley Holdings 5UX -2.2% , the company has received interest from its major noteholders who would like to extend their bond investment and remain invested in the company upon the impending redemption of the existing notes.

 

The new notes will be fungible and consolidate into the same series.

 

The decision to accept any and all offers to exchange is at the discretion of Oxley MTN, which is also the issuer of the notes.