Genting Singapore to issue perpetual subordinated capital securities

By Marisa Wong

Madison, Wis., Feb. 22 - Genting Singapore plc said it plans to issue Singapore dollar-denominated perpetual subordinated capital securities.

DBS Bank Ltd., HSBC Ltd., Singapore branch, CIMB Bank Bhd., Deutsche Bank AG, Singapore branch and J.P. Morgan (SEA) Ltd. will be the joint lead managers and joint bookrunners for the proposed Regulation S offering. DBS and HSBC will be the global coordinators.

Proceeds will be used to fund Genting's general corporate purposes and to finance capital expenditures and expansion of the company's business.

The company expects the securities to be rated Baa3 and BBB by Moody's Investors Service and Fitch Ratings, respectively.

The offering is expected to begin on Feb. 24.

Genting is a Singapore-based gaming resorts operator incorporated in the Isle of Man and is a subsidiary of Genting Bhd., a Kuala Lumpur, Malaysia-based investment holding and management company.

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