Raffles Education plans $20m bond issue

It will be issued under Singapore's Securities and Futures Act 2001.

Raffles Education Limited has announced plans to raise up to $20m through the issuance of unlisted, 5-year unsecured bonds.

The bonds, offering an annual interest rate of 10.5%, will be issued under the "safe harbour" exemptions of Singapore's Securities and Futures Act 2001.

The principal amount for the bond issue will be capped at $20m, with the issue price set at 100% of the principal amount. Each bond will bear interest at 10.5% per annum and will be issued in registered form with a minimum denomination of $250,000.

These bonds will constitute direct, unsubordinated, unconditional, and unsecured obligations of the company, ranking equally with other present and future obligations.

The bonds will mature five years from the issue date. The company has the option to redeem the bonds, in whole and not in part, prior to maturity with at least 30 days' notice at 100% of their principal amount. If not redeemed earlier, the bonds will be redeemed at 100% of their principal amount on the maturity date.

The bonds will not be listed on any stock exchange and will be governed by Singapore law.

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