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City Developments to issue S$200m of 5-year senior notes

CITY Developments Limited (CDL) will sell new S$200 million senior notes at par, under its S$5 billion medium-term note programme.

The five-year notes will carry a coupon of 2.7 per cent per annum, the deal's sole bookrunner DBS Bank said on Wednesday.

They will be listed on the Singapore Exchange and mature on Jan 23, 2025. 

Issuance proceeds will be used for CDL's general working capital requirements and corporate funding, and/or to refinance the real estate group's existing borrowings.

As at 1pm on Wednesday, CDL shares were trading at S$11.24, down 18 Singapore cents or 1.6 per cent.

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