New Issue: Genting Singapore prices S$1.8 billion perpetual subordinated bonds

By Marisa Wong

Madison, Wis., March 1 - Genting Singapore plc said it priced S$1.8 billion of 5 1/8% perpetual subordinated capital securities.

The distribution rate for the securities may step up on Sept. 12, 2022.

The securities are callable in whole on Sept. 12, 2017 and on any semiannual distribution payment date after that.

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

"This is Genting Singapore's first perpetual bond issue, and we are very pleased with the market response. Our investors have given us unequivocal support and of course, it's thumbs up for our bankers. This issue will put us in a very strong position to tap investment opportunities for new revenue streams," said president and chief operating officer Tan Hee Teck in a company announcement.

"This bond offering by Genting Singapore is a landmark transaction in many ways - it boasts of the largest order books size ever achieved for a S$ bond deal, the largest single tranche S$ bond deal ever printed, and the broadest amount of investor interest geographically. It attests to the strength of the Genting brand name and we are very honored to have been involved in this historic transaction," added Clifford Lee, head of fixed income at DBS, in the announcement.

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

The securities are expected to be issued on March 12.

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

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