Raffles Education (SGX:NR7) said it will issue unlisted, non-convertible bonds worth SG$750,000 under its third tranche issue to two subscribers, according to a Thursday filing on the Singapore Exchange.
Both investors, Chew Han Wei and Chew Hua Mong, are immediate family members of chairman and CEO Chew Hua Seng.
The bond proceeds will be used to refinance the group's borrowings. The company had previously raised funds through two bond tranches but faced challenges securing external investors, prompting the allocation to the current subscribers.
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