Investors get comfy with OSIM S$170m convertible

By Lorraine Cushnie
27 Aug 2014

OSIM International has issued the first convertible bond from Singapore in 12 months in what has been a sparse year for issuance out of southeast Asia. That rarity value, combined with the strong performance of the borrower’s previous CB, generated strong demand that allowed the borrower to increase the deal size to S$170m ($136m). But the borrower still preferred quality over volume.

OSIM, which is best known for making luxury massage chairs, decided to return to the market to benefit from its strong name.

“The company wanted to take advantage of positive conditions, and by that I mean the company’s strong financial position, which includes having S$270m of cash ...

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