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Keppel Land prices S$150m, 2.843% notes due in 2023

KEPPEL Corporation's unit, Keppel Land Limited, has on Aug 28, 2017 priced S$150 million in aggregate principal amount of 2.843 per cent notes due 2023, the group said in a Singapore Exchange filing on Tuesday.

The notes will be issued under the US$3 billion multicurrency medium term note programme established by the issuer and Keppel Land Financial Services on Nov 22, 2012.

The notes are expected to be issued on Sept 5, 2017 at an issue price of 100 per cent of the principal amount and in denominations of S$250,000, at a fixed rate interest of 2.843 per cent per annum, payable semi-annually in arrear.

The notes are expected to mature on Sept 5, 2023, unless previously redeemed or purchased and cancelled in accordance with the relevant terms and conditions of the notes.

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The net proceeds from the issue of the notes will be used by the issuer and its subsidiaries (KLL Group) to refinance existing debts, finance potential acquisition opportunities, for its general corporate and working capital purposes, it said.

United Overseas Bank Limited has been appointed as the sole lead manager for the issue of the notes.