Raffles Education (SGX:NR7) entered into a subscription agreement with Miao, Lijie to issue an aggregate principal amount of SG$1.0 million worth of bonds, according to a Thursday filing with the Singapore Exchange.
Shares of the company were up over 4% in Friday trading.
The second tranche subscriber is subscribing for the bonds for investment purposes, with proceeds from the bond issue to be used to refinance some of the group's borrowings.
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