DBS prices S$400m 2.83% bonds due 2021 for South Beach consortium

DBS has priced a S$400 million four-year senior secured bond for the South Beach Consortium, a joint venture between City Developments and Malaysia's IOI Group, at 2.83 per cent.

The consortium developed the namesake integrated office, hotel, residential and retail development at Beach Road, also known as South Beach.

Proceeds will be used to refinance existing secured bank borrowings, the consortium said.

The bonds will be issued on March 17, 2017 and will mature on March 17, 2021.

DBS is the sole bookrunner.