UOL's S$400m fixed-rate notes due 2028 priced at 2.33%

UOL Group's U14 wholly-owned subsidiary, UOL Treasury Services, has priced S$400 million in fixed-rate notes due 2028 at 2.33 per cent per annum, the property group said in a bourse filing on Tuesday evening.

Order book for the seven-year, fixed-rate notes stood at S$700 million across 47 accounts, with 97 per cent of investors from Singapore, according to deal statistics seen by The Business Times.

Fund manager and insurance accounts were allocated 74 per cent of the notes, bank and public sector accounts took up 22 per cent, while prime brokerages and others took the remaining 4 per cent.

Net proceeds of the notes, which are the fourth series of notes under the group's S$2 billion multicurrency medium-term note programme, will be used for refinancing of existing borrowings of UOL and its subsidiaries, the group said.

The coupon is payable semi-annually in arrear. Settlement date for the notes is on Aug 31, 2021, and the maturity date is expected to be on Aug 31, 2028.

DBS and UOB have been appointed the joint lead managers and bookrunners for the transaction.

Shares of UOL were trading at S$7.13 as at 11.08am on Wednesday, down S$0.01 or 0.1 per cent.

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