First Sponsor (SGX:ADN) said its rights issue for 235,931,493 series 3 convertible bonds has been oversubscribed.
The company received valid acceptances and excess applications for a total of 247,521,808 bonds, representing 104.4% of the total number of bonds on offer, according to a filing with the Singapore Exchange on Wednesday.
First Sponsor will issue 225,910,315 series 3 convertible bonds at an issue price of SG$1.08 per bond, raising gross proceeds of approximately SG$244.0 million. The new bonds are expected to be listed and quoted on the Singapore Exchange on Sept. 30.
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