First Sponsor launches, prices S$100m in 3.29% notes due 2025

Annabeth Leow

Published Thu, Feb 13, 2020 · 03:07 PM

PROPERTY developer First Sponsor Group on Thursday launched and priced S$100 million in 3.29 per cent notes due 2025, it said.

Wells Spring Pte Ltd, a wholly-owned subsidiary of controlling shareholder Tai Tak Estates, subscribed to 13 per cent of the issuance. The notes are direct, unconditional, unsubordinated and unsecured obligations that rank pari passu with all other unsecured obligations.

Net proceeds from the exercise, which was made under a S$1 billion multicurrency debt issuance programme from 2015, will be used for general corporate purposes such as refinancing of borrowings and financing investments, First Sponsor said.

DBS Bank was appointed sole dealer for the offering of the notes, which are expected to be issued on Feb 20 and listed on the next market day.