SINGAPORE (Nov 15): Singapore eDevelopment is proposing to issue corporate bonds to raise up to US$10 million (S$14.1 million or RM43.24 milllion) for the Black Oak Project in Houston, Texas.

Each bond will be priced at US$500,000 with an annual interest rate of 8% payable quarterly and are non-convertible.

The subscriber will have to be classified as a professional investor and approved by the boards of SeD Home and SeD Home Inc.

Upon maturity, the subscriber may use the money to be repaid to acquire a property at Black Oak at cost price, and will have to pay any difference from the principal amount of the bond, or conversely will be paid in cash the difference.

SeD Home Inc shall guarantee the principal amount of the bond up to 36 months up to US$10 million, with executive director and chief executive officer, Chan Heng Fai, guaranteeing the principal amount of the bond up to 36 months for up to US$5 million. —

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