Raffles Education to issue S$30 million of fixed rate notes due 2018

RAFFLES Education Corp plans to issue S$30 million worth of notes due 2018, at an interest rate of 5.9 per cent per year.

The maturity date for the fixed rate notes is May 3, 2018, with funds to be used for general corporate funding requirements or investments - including refinancing of existing borrowings - as well as working capital and capital expenditure.

Interest is payable semi-annually on May 3 and Nov 3 each year, starting from Nov 3 this year.

To be issued under the S$500 million medium term note programme established by the company on Feb 22, 2012, the notes will be consolidated to form a single series with the existing S$50 million, 5.9 per cent notes issued on May 3, 2013.

Hongkong and Shanghai Banking Corp and United Overseas Bank have been appointed as the joint lead managers and bookrunners for the notes.