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Singapore Builder Oxley Seeks Up to $120 Million Private Loan

Jackie Cai
·2 min read

(Bloomberg) -- Oxley Holdings Ltd, a cash-strapped property developer in Singapore, is seeking a private credit loan of $100 million to $120 million partly to help repay a Singapore dollar bond due next month, said people familiar with the matter.

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

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The developer plans to use part of the proceeds to repay its Singapore dollar-denominated 6.9% bond due July, the people added. The bond, which was issued in 2021, has S$133 million ($98.7 million) of principal outstanding, according to Bloomberg-compiled data.

Oxley didn’t immediately reply to a request for comment.

As of 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’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’s shares were trading around 8.8 Singapore cents in recent weeks, and are near their lowest level since the company’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.

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