Gallant Venture to issue S$55m 7% notes due 2018

INVESTMENT holding company Gallant Venture said on Wednesday that it intends to issue S$55 million worth of 7 per cent notes due 2018, under its US$500 million Euro Medium Term Note programme set up in November 2013.

The notes will carry an interest of 7 per cent per annum, payable semi-annually in arrear, and a maturity date of April 6, 2018. They are expected to be issued on or about May 27.

The company said that it will use the net proceeds from the issue of the notes to refinance debt, as working capital and for general corporate purposes.

DBS Bank has been appointed the sole lead manager and bookrunner for the issue of the notes.

Gallant Venture's shares closed at 24 Singapore cents each on Wednesday, before the announcement.