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PSA International unit prices S$500m 10-year notes at 1.63%
PSA Treasury, a wholly-owned subsidiary of Singapore’s port and terminal operator PSA International, will issue at par S$500 million worth of guaranteed notes maturing in 2030.
The 10-year senior notes will carry a fixed coupon of 1.63 per cent per annum. They are expected to be issued on March 18, 2020, under the US$3.5 billion global medium-term note programme of PSA Treasury and PSA International.
They are unconditionally and irrevocably guaranteed by PSA International, and have been assigned a credit rating of Aa1 by Moody’s.
PSA International has a credit rating of Aa1 (stable) by Moody’s Investors Service and AA (stable) by Standard and Poor’s.
DBS is the sole bookrunner for the deal.
PSA International, one of the world’s largest container operators, will use the net proceeds of the issuance to refinance borrowings and for general corporate purposes.
Application will be made to the Singapore Exchange to deal in, list and quote the notes on the bourse.
Separately, PSA International in January said that it had handled 85.2 million twenty-foot equivalent units of containers at its port projects around the world for the year ended Dec 31, 2019.