Genting Singapore to offer up to S$500 million 5 1/8% perpetual bonds

By Marisa Wong

Madison, Wis., April 9 - Genting Singapore plc said it will issue up to S$500 million of 5 1/8% perpetual subordinated capital securities.

The issue price will be par.

The securities will be offered to the public in Singapore through the ATMs and internet banking websites of DBS Bank Ltd., Oversea-Chinese Banking Corp. Ltd. and United Overseas Bank Ltd.

Genting said it will reserve up to S$50 million of the securities for its directors and employees under a reserve offer.

The company will also offer up to S$200 million of the securities to institutional and other investors through a placement.

The entire offer, which includes the public offer, the reserve offer and the placement, may be increased to S$700 million if it is oversubscribed and may be cancelled if orders total less than S$100 million.

DBS and OCBC are the joint lead managers and bookrunners for the offer, and DBS is the global coordinator.

The public offer will begin on April 10 and close on April 16. Applications under the reserve offer may be submitted between April 9 and April 11.

The securities are expected to be issued on April 18 and to begin trading on the Singapore Exchange Securities Trading Ltd. on April 19.

Fitch Ratings has assigned an expected rating of BBB to the securities.

Proceeds from the offering will be used to expand Genting's business.

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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