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Straits Trading prices S$200m five-year notes at 3.75%
PROPERTY firm The Straits Trading Company will issue at par S$200 million worth of notes maturing on Oct 29, 2025.
The unsubordinated and unsecured five-year notes carry a coupon of 3.75 per cent, the mainboard-listed firm said on Friday.
Net proceeds from the deal will be used for general corporate purposes. This includes the refinancing of existing borrowings and the financing of working capital and capital expenditure requirements of Straits Trading and its subsidiaries.
The notes will be issued under Straits Trading's S$500 million multicurrency debt issuance programme.
DBS, UOB and Standard Chartered Bank (Singapore) are the joint lead managers and bookrunners for the offering.
Deal statistics provided by DBS and seen by The Business Times showed that the order book reached over S$400 million from 36 accounts.
More than half or 53 per cent of the demand was from fund managers, insurance firms and banks, while private banks and corporations made up the remaining 47 per cent.
By geography, the bulk, or 99 per cent, of investor interest came from Singapore.
As at 10.52am on Friday, the counter was trading at S$1.55, up S$0.01 or 0.7 per cent.