S$260.5 million rights issue of subordinated perpetual convertible capital securities by First Sponsor Group Limited
Allen & Gledhill advised United Overseas Bank Limited (“UOB”) on the S$260.5 million rights issue ("Rights Issue") of 4.85% subordinated perpetual convertible capital securities (“Tranche 2 Securities”) by First Sponsor Group Limited (“First Sponsor”).
UOB was appointed manager for the Rights Issue.
Upon issue, the Tranche 2 Securities were consolidated with and formed the same series as the S$243.98 million 4.85% subordinated perpetual convertible capital securities (“Tranche 1 Securities” and together with the Tranche 2 Securities, “Securities”) issued by First Sponsor in 2024. Upon issue of the Tranche 2 Securities, the aggregate size of the Securities became S$504.44 million.
This was the first rights issue of debt securities undertaken by an SGX-listed company where the debt securities were consolidated with the company’s outstanding series of debt securities issued pursuant to an earlier rights issue.
Advising UOB was Allen & Gledhill Partner Wu Zhaoqi.
