<article>mm2 Asia may spin off UnUsUaL Group while Noble Group is conducting a note offering of US$750 million.</article>

mm2 Asia may spin off UnUsUaL Group while Noble Group is conducting a note offering of US$750 million.
<h3>UnUsUaL Group to be spun off</h3>
<a style="color: #000080;" href="http://dealstreetasia.com/tag/mm2-asia" target="_blank">mm2 Asia</a> announced that its subsidiary <a style="color: #000080;" href="http://dealstreetasia.com/tag/unusual-group" target="_blank">UnUsUaL Group</a> intends to lodge its preliminary offer document with the Singapore Exchange (SGX) in relation to a proposed spin-off and listing that has secured shareholder approval.
This will see mm2 seek to reduce its effective equity interest in the subsidiary by 20 per cent as a result of the listing. On Friday, mm2 Asia announced that SGX does not object to the spin-off, provided compliance with listing rules and shareholders’ approval is cleared.
The proposed spin-off and listing of UnUsUaL is still at a preliminary stages and has to gain approval from relevant regulatory authorities. As such, there is no surety this deal will materialise.
<h3>Noble Group prices notes at $750m</h3>
In a Tuesday announcement, <a style="color: #000080;" href="http://dealstreetasia.com/tag/noble-group" target="_blank">Noble Group</a> announced its proposal of a note issue of US$750 million 8.75 per cent notes due 2022.
&#8220;The notes have been fully placed to institutional and/or accredited investors,&#8221; it said. Net proceeds raised from the notes offering will be deployed for refinancing and general corporate purposes. The interest rate of 8.75 per cent per annum is payable semi-annually in arrear on 9 March and 9 September of each year.
However, Moody&#8217;s has maintained its junk bond rating for Noble&#8217;s proposed new bonds. It wanted that this could be further downgraded given cashflow from business operations remains consistently weak, with the possibility of liquidity deteriorating further.
The closing date for the notes offering is expected to be on or about 9 March 2017. HSBC, ING Bank, Morgan Stanley and Société Générale are its joint lead managers and joint bookrunners; and ABN Amro, DBS Bank and Coöperatieve Rabobank are its co-managers for the proposed notes issue.

mm2 Asia may spin off UnUsUaL Group while Noble Group is conducting a note offering of US$750 million.

SG Dealbook: UnUsUaL Group to be spun off; Noble Group prices notes at $750m

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SG Dealbook: UnUsUaL Group to be spun off; Noble Group prices notes at $750m

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