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Courts Asia to issue S$75 million of notes due 2019

MAINBOARD-LISTED retailer Courts Asia will issue S$75 million of notes under its S$500 million multi-currency debt issuance programme at a fixed rate of 5.75 per cent per year.

This was upsized from an initial target issue size of S$50 million.

Payable semi-annually and in arrear, the notes will be issued on March 15 and will have a three-year tenure.

Proceeds will be used to refinance an existing bond programme that is due in May this year, while the rest will go towards its renewed securitisation programme and internal cash flow, the company said.

DBS Bank and The Hongkong and Shanghai Banking Corporation have been appointed the joint lead managers and bookrunners for the notes.

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