SGD New Issue Review : Fragrance Group 2Y
FRAGRANCE GROUP LIMITED SGD 2Y
– New Fragrance group limited SGD 2yrs announced on the back of reverse enquiry. Deal is anchored.
– Initial price guidance: High 3s
– Timing: This week’s business, as early as today
– Comps:
Wingtai 3.38 2016 – 101.25, 2.54%
Wingtai 4.00 2018 – 102.00, 3.17%
*** You may also find attached investor presentation at:
http://infopub.sgx.com/FileOpen/Business_Update.ashx?App=Announcement&FileID=330492
Credit Highlights:
– With a track record dating back to the mid-1980s, Fragrance Group Limited (“FGL”) is a property developer with a presence in Singapore and Australia.
– FGL was listed on the mainboard of the SGX-ST in February 2005 with a market capitalisation of S$50 million, which has grown to about S$1.4 billion as of today.
– FGL focuses on the development and sale of residential, commercial, hotel and industrial property, with over 80 project launches to date, as well as property investment. Its property portfolio includes Tower 15 (15 Hoe Chiang Road), NOL Building, Kensington Square, City Gate etc.
– FGL entered the Australian property market in 2014 with the acquisition of five properties in Tasmania, Melbourne and Perth. Expansion helps to enhance diversification and stability of future earnings.
– FGL is founded by Mr Koh Wee Meng (Executive Chairman & CEO) who has over 22 years of experience in property development and 15 years of experience in hotel operations. Senior management team is also experienced with long track record.
In these highly charged times, I think it is frightfully MISLEADING to be comparing Fragrance to WINGTAI ! Wouldn’t Aspial be a better comparable ? Aren’t they biological brothers ? And don’t forget Maxicash too !
Somehow I feel that they are trying to distant themselves here.
So I decided to do readers a favour and drag out all the Aspial bonds.
Food for thought : Wouldn’t it be wonderful if Aspial could borrow at such a level ??
I got to run… good luck !
what a fragrant deal….
*FRAGRANCE GROUP LIMITED SGD 2Y – BOOK IS APPROACHING S$100MM*
how’s your view on china huarong USD bond today?
Quite a few deals today but given Huarong’s order book, the allocation will be poor.
There is also the Indonesia 10Y and 30Y and the SMBC US issue.
Good quality name but with the US treasury curve so flat, the 3Y is the better bet.
FRAGRANCE GROUP LIMITED SGD 2Y
– Final price guidance: 3.75% the number
– Expect issue size to be around S$75MM
**FRAGRANCE GROUP LIMITED SGD 2Y – PRICED S$85MM AT 3.75%**
Issuer: Fragrance Group Limited
Status: Senior, unsecured
Rating: Unrated
Format: Reg S, Bearer, S274 & 275 of Singapore SFA, issued off the SGD1b Multicurrency Debt Issuance Programme (the “Programme”)
Tenor: 2 years
Settlement Date: 16 January 2015
Maturity Date: 16 January 2017
Issue Price: 100.00
Issue Size: S$85MM
Coupon: 3.75% (267.2bp above 2yrs sgd sor)
Payment: Semi-annual, Actual/365 (fixed)
Redemption at the Option of
Noteholders upon Cessation or
Suspension of Trading of the
Issuer’s Shares: As per the Programme
Details: SGD250k denoms / Singapore Law / CDP / SGX-ST
Sole Bookrunner: DBS
Fragrance 3.75% 01/2017
99.70/100.15
Hi, how u get the price of aspial corp. how can I join the group
I wish I could say, “Ask, and you shall be given”.
Yes, just ask around and you are in the group. It is just that all comments have to be approved.
Ok noted. May I ask, how can I get daily price for bond.
I am not sure if there is a public source for it because I do not think they are even on the MAS bond directory.
So this is what the proceeds will be for:
The Board of Directors (the “Board”) of Fragrance Group Limited (“FGL” or the “Company”, together with its subsidiaries, “FGL Group”) wishes to announce that:
(i) the Company has entered into a joint venture agreement (the “JVA”) with Aspial Corporation Limited (“Aspial”) to form a joint venture company, AF Global Pte. Ltd. “Offeror”), on a 50:50 ownership basis, for the purpose of making an offer for LCD Global Investments Ltd. (“LCD”) (“Joint Venture”); and
(ii) DBS Bank Ltd. (“DBS”) has today announced (the “Offer Announcement”), for and on behalf of the Offeror, that the Offeror intends to make a voluntary conditional cash
offer (the “Offer”) for all the ordinary shares (“LCD Shares”) (excluding treasury shares) in the capital of LCD other than those already owned by the Offeror and parties acting in concert with the Offeror as set out in Schedule 1 to the Offer
Announcement (the “Relevant Concert Parties”). A copy of the Offer Announcement is enclosed with this Announcement.
Consideration for the Offer.
The aggregate maximum consideration for the Offer, based on
the Non-Deferral Offer Price (as defined in the Offer Announcement) is $313.8 million, which takes into account the prevailing market price of LCD and the premiums for comparable transactions.
The consideration will be funded by the Offeror though a combination of equity injections and external borrowings. FGL will fund 50 per cent. of the equity injections through internal cash resources and provide a corporate guarantee for 50 per cent. of the external borrowings entered into by the Offeror in respect of the Offer.
One brother can’t borrow, the other takes over.