CDL prices S$125m of five-year notes at 3% coupon; 96 bps over 5-year SOR

CITY Developments (CDL) has priced S$125 million of five-year notes at a fixed coupon of 3 per cent under its S$5 billion medium-term note programme, according to data released by bookrunner DBS Bank on Wednesday.

The unrated notes will be sold at 100 per cent of the principal amount to institutional and accredited investors outside of the United States. The coupon represents a credit spread of 96 basis points over the five-year swap offer rate (SOR).

CDL, a property developer, will use the proceeds for general working capital and other corporate funding, which might include refinancing its outstanding loans.